The German newspaper Der Spiegel is reporting that Greece is thinking about withdrawing from the euro zone and that a “secret crisis meeting” in Luxembourg is taking place tonight to deal with this threat. They will also supposedly discuss a restructuring of Greek debt. With the rest of the EU bailing out Greece, led by Germany and France, they will do what they can to keep Greece in so as to both get their money paid back in euro’s and not in devalued drachma’s but to also try to stop any precedence of countries just dropping out so they can devalue their old currency. The euro is trading at the lows of the day in response to the news but if Greece chose to leave, the state of the remaining members would thus be more enhanced and the ECB would be able to run policy without having to worry about the troubled sovereign’s.
Meeting over Greece to deal with debt, not exit
The WSJ is reporting that EU finance officials are meeting to discuss Greece but over their indebtedness, NOT A GREEK EURO EXIT, according to officials.