Sunday, May 08, 2011

Is Greece saying goodbye to EU?



Confusion seems to be on air all over the media these days such as Gaddafi and Bin Laden issues, and now Greece.
Following last year's economic crisis that resulted from external and local factors, sources say Athens is considering withdrawing its membership from the euro zone, Germany's Spiegel Online reported.
Financial bigwigs from France, Germany, Italy and Spain, and European Commission representatives held a crisis meeting in Luxembourg on Friday night to discuss the issue.
With huge economic problems that result to daily protests, the administration of PM George Papandreou is thinking of reintroducing its own currency and quitting the euro, according to German government sources.
After the meeting, Greece was said to have denied earlier report of withdrawing from the 17-member state alliance, Reuters said.
The head of the euro zone finance ministers, Jean-Claude Juncker, dismissed the Hamburg-based report that Greece is withdrawing from the bloc and fixing its $470 billion (327 billion euro) debt.
Juncker told the media, "We have not been discussing the exit of Greece from the euro area. This is a stupid idea. It is in no way—it is an avenue we would never take.
"We don't want to have the euro area exploding without reason. We were excluding the restructuring option, which is discussed heavily in certain quarters of the financial markets..."
He added that another meeting on 16 May will discuss whether Athens' will need another economic restructuring above the $158 billion (110 billion euro) bailout that the EU and the IMF provided them in the middle of 2010.
Watch the attached YouTube video.
Details of this report here.
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