Greece may quit Euro Zone, Der Spiegel

Secret crisis meeting being held tonight in Luxembourg

Everyone is of course furiously denying it. If Greece leaves, their new currency would be worth much less and their national debt consequently much higher. They would have no chance of paying it and would then default, badly impacting EU countries and banks which own Greek debt. It could also be the beginning of the end for the EU.

So, the EU will probably try to bail Greece out again, which will only prolong the agony.

One comment

  1. Like I have always said, the “crisis” is far from over, bigger cracks keep appearing where they have just wallpapered. They talk recovery while the foundations of the system cracks and crumbles. The ordinary people have still a lot more pain to suffer, unless of course, there is the popular uprising here that the West keeps talking up in the Arab states and North Africa.

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