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Greece Considers Exit from Euro Zone
Greece Considers Exit from Euro Zone
http://www.spiegel.de/international/europe/0,1518,761201,00.html
"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."
...
"should Athens turn its back on the common currency zone, it would have serious implications for the already wobbly banking sector, particularly in Greece itself. The change in currency "would consume the entire capital base of the banking system and the country's banks would be abruptly insolvent." Banks outside of Greece would suffer as well. "Credit institutions in Germany and elsewhere would be confronted with considerable losses on their outstanding debts," the paper reads.
The European Central Bank (ECB) would also feel the effects. The Frankfurt-based institution would be forced to "write down a significant portion of its claims as irrecoverable." In addition to its exposure to the banks, the ECB also owns large amounts of Greek state bonds, which it has purchased in recent months. Officials at the Finance Ministry estimate the total to be worth at least €40 billion ($58 billion) "Given its 27 percent share of ECB capital, Germany would bear the majority of the losses," the paper reads."
Euro Whacked by Reports that Greece May Leave the Eurozone?
http://www.nakedcapitalism.com/2011/05/euro-whacked-by-reports-that-gree...
"So what will they do if Greece refuses to observe niceties and bolts anyhow? Send in tanks? I’m curious as to what punishments might be visited on Greece if it chooses to exit. Iceland had a very rocky six months when its banking system failed but it is now on track for a solid recovery. This example cannot have been lost on Greece. "