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Euro Officials Begin to Weigh Greek Exit

Posted By admin On May 14, 2012 @ 2:50 am In Money Watch | Comments Disabled

Luis Ochoa
Bloomberg [1]
May 14, 2012

Greece’s possible exit from the euro area moved to the center of Europe’s debt-crisis debate, with officials beginning to weigh the fallout of a withdrawal even as authorities in Athens struggled to form a government.

Meetings brokered by Greek President Karolos Papoulias are set to continue today after Syriza, the largest anti-bailout party, rejected a unity government following last week’s inconclusive elections. The country where the 2 1/2-year-old crisis began moved closer to a new vote and to the possibility of a euro-area exit that was once a taboo among policy makers.

Greek withdrawal “is not necessarily fatal, but it is not attractive,” European Central Bank Governing Council member Patrick Honohan said in Tallinn on May 12.

An exit was “technically” possible yet would damage the euro, he said. German Finance Minister Wolfgang Schaeuble reiterated in Sueddeutsche Zeitung that member states seeking to hold the line on austerity in Greece could not force the country to stay.

Full article here [2]

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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/news/2012-05-13/euro-officials-begin-to-weigh-greek-exit-from-common-currency.html

[2] Full article here: http://www.reuters.com/article/2012/05/13/us-mexico-slayings-idUSBRE84C08420120513

[3] War-Gaming Greek Euro Exit Shows Hazards In 46-Hour Weekend: http://www.prisonplanet.com/war-gaming-greek-euro-exit-shows-hazards-in-46-hour-weekend.html

[4] Cost of Greek exit from euro put at $1tn: http://www.prisonplanet.com/cost-of-greek-exit-from-euro-put-at-1tn.html

[5] Citi Ups The Odds Of A Greek Exit From The Euro To 90%: http://www.prisonplanet.com/citi-ups-the-odds-of-a-greek-exit-from-the-euro-to-90.html

[6] Biggest Greek bank warns of dire euro exit fallout: http://www.prisonplanet.com/biggest-greek-bank-warns-of-dire-euro-exit-fallout.html

[7] Euro Global Poll Shows More Than 50% Predicting an Exit: http://www.prisonplanet.com/euro-global-poll-shows-more-than-50-predicting-an-exit.html

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