Greece Threatens To Leave Eurozone, Reintroduce Own Currency

05-06-2011 • ZeroHedge.com

Greece is considering withdrawal from the Euro-zone The debt crisis in Greece is getting worse. The government of the country considered to information from SPIEGEL ONLINE, leaving the euro zone. The finance ministers of the monetary union and representatives of the EU Commission will meet on Friday evening secret to a crisis meeting. Berlin - The economic problems of Greece are huge, almost daily protests against the civil government. Now Prime Minister Georgios Papandreou, apparently sees no other way: According to information from SPIEGEL ONLINE considered his government to abandon the euro and reintroduce its own currency. Alarmed by the efforts of the European Commission on Friday evening an emergency meeting in Luxembourg has loaded. Apart from the possible withdrawal of Greece from the monetary union and a speedy rescheduling of the country is on the agenda. A year after the outbreak of the crisis in Greece this means for the European Monetary Union an existential turning point - regardless of what option they choose. Because of the tense situation has been prescribed for the meeting in Luxembourg the highest confidentiality, only the Finance Minister and one close associate may. For Germany participate Finance Minister Wolfgang Schäuble (CDU) and Financial Secretary Joerg Asmussen. Schäuble wants to hold the Greeks in all circumstances from € outlet. An internal presentation of his ministry, which he took to Luxembourg, warns of the consequences. "It will be a significant depreciation of the new domestic currency against the euro," it states. Was estimated using an exchange rate loss of up to 50 percent can be expected. This debt is growing dramatically in Greece. Schäuble experts expect that the national debt would increase following the devaluation of around 200 percent of gross domestic product. "A restructuring was inevitable," they warn. In plain language: Greece would be bankrupt. Massive implications for the economy in Europe