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Greece Considers Exit from Euro Zone

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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.

 

Greece's economic problems are massive, with protests against the government being held almost daily. Now Prime Minister George Papandreou apparently feels he has no other option: SPIEGEL ONLINE has obtained information from German government sources knowledgeable of the situation in Athens indicating that Papandreou's government is considering abandoning the euro and reintroducing its own currency.

 

Alarmed by Athens' intentions, the European Commission has called a crisis meeting in Luxembourg on Friday night. In addition to Greece's possible exit from the currency union, a speedy restructuring of the country's debt also features on the agenda. One year after the Greek crisis broke out, the development represents a potentially existential turning point for the European monetary union -- regardless which variant is ultimately decided upon for dealing with Greece's massive troubles.

 

 

Given the tense situation, the meeting in Luxembourg has been declared highly confidential, with only the euro-zone finance ministers and senior staff members permitted to attend. Finance Minister Wolfgang Schäuble of Chancellor Angela Merkel's conservative Christian Democratic Union (CDU) and Jörg Asmussen, an influential state secretary in the Finance Ministry, are attending on Germany's behalf.

 

. . .

 

 

 

Will this start a run? :hmmm:

 

 

 

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I'm no expert on Greece or its economic problems. Maybe someone can enlighten me. During their crisis when they announced massive domestic spending cuts, many Grecians protested the cutting of benefits and the like.

 

Now, it may have been the pols that got them in the mess but how can anyone expect to live the same life with the same benefits when the country is pretty much insolvent? Were the protestors wrong for not wanting the cuts or could much if not all of the cuts be avoided if changes were made elsewhere in their economy?

 

 

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The socialist government said it wanted to increase the average retirement age from 61 to 63 by 2015. The steps would be part of a series of austerity measures aimed at curbing the country's deficit and national debt.

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Would anyone in the EU even miss them ? My take on it is that they were happy to fiddle while Athens burned, not so happy when the Ouzo wore off and they realised they didnt have the rent money.

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>...increase the average retirement age from 61 to 63 by 2015...

 

Babies! Try 66 ~ 70 in the USA!!! or get a much reduced benefit (75%) at age 62.

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The socialist government said it wanted to increase the average retirement age from 61 to 63 by 2015. The steps would be part of a series of austerity measures aimed at curbing the country's deficit and national debt.

 

I am not Greek and I don't have to live with that but I'm thinking, its not such a big deal considering the state of the country.

 

My initial impression is that the people want to maintain their standard of living over having the country become solvent again. I accept it may be a totally unfair opinion because I don't know much about the situation. Its my initial thoughts.

 

My guess is that the people don't trust the government because they were the ones that created the mess in the first place.

 

Perhaps they thought there were other things that could be done instead of these cuts that would get the same savings?

 

I'd like to give the people the benefit of a doubt but I can't just help feeling they are spoiled.

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