Greece Considers Exit from Euro Zone

[Knuttell]

The debt crisis in Greece has taken on a dramatic new twist. Sources with information about the government's actions have informed SPIEGEL ONLINE that Athens is considering withdrawing from the euro zone. The common currency area's finance ministers and representatives of the European Commission are holding a secret crisis meeting in Luxembourg on Friday night.
http://www.spiegel.de/international/europe/0,1518,761201,00.html

saw this on politics.ie just now...interesting times indeed.

 

[horusd]

Wow. I wonder how that would even be possible? Sounds like a threat to be honest.

 

[oldnick]

Just been watching Greek TV - it's the main news on various Greek channels and all the Greek officials and politicians saying this is a nasty rumour deliberately spread by speculators etc etc.

despite the strong anti- E.U./IMF feeling -similar to that here in ireland most Greeks know that reverting to the drachma is pipe dream

 

[onekeano]

Greek officials and politicians saying this is a nasty rumour deliberately spread by speculators etc etc.

you mean Stavros Dempsey and Constantive Ahern were saying it was a nasty rumour? I wondered where those two chumps had disappeared to

Roy

 

[The_Banker]

Since the economic crisis started rumours have been coming true at an alarming rate.

 

[horusd]

Since the economic crisis started rumours have been coming true at an alarming rate.

Good point!

But I can't see any real advantage for Greece in leaving; only disadvantages. Collapse of currency values, rocketing inflation, default etc. Let alone the practicalities of HOW you could do this. Printing presses running to reprint a defunct currency, ATMs changed, parking meters, everything. It does seem very far-fetched. The Euro dropped against the dollar,it sounds more like speculators out to make a fast buck or something.

 

[bryanod]

Good point!

But I can't see any real advantage for Greece in leaving; only disadvantages. Collapse of currency values, rocketing inflation, default etc. Let alone the practicalities of HOW you could do this. Printing presses running to reprint a defunct currency, ATMs changed, parking meters, everything. It does seem very far-fetched. The Euro dropped against the dollar,it sounds more like speculators out to make a fast buck or something.

Any media to sell papers.

The practicalities, politics, and economics make it so unlikely it is all but impossible to conceive, or predict, how this would come about.