Eurozone set to abandon Greece – and austerity

Thursday, May 24, 2012
By Paul Martin

Hollande and Merkel clash as Europe’s leaders seek growth plan


Eurozone nations have been advised to draw up emergency plans to handle Greece’s possible exit from the single currency, it emerged last night.

Stock markets around Europe tumbled after Germany’s Bundesbank central bank said that Greece’s departure would pose “considerable but manageable” challenges.

European Union and Greek leaders insisted there was no “master plan” for Greece to pull out of the euro. But officials said the Eurogroup Working Group (EWG), experts who advise the 17-nation bloc’s finance ministers, “agreed that each eurozone country should prepare a contingency plan, individually, for the potential consequences of a Greek exit from the euro”.

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