Update to this post.
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.
According to Der Spiegel the EUnion commission is having an emergencey meeting Friday nigh, at Château de Senningen in Luxembourg. 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.
Needless to say, Greece leaving the euro would inevitably followed by a restructuring of Greek debt, sending the banking sector in Europe and beyond into a fresh new crisis. Hence, it is no surprise that senior Greek and German officials have denied the report. That didn’t avoid a big plunge in the euro, though (p).
[UPDATE001] Reuters: Will Europe socialize Greek losses?
Socialize? Really? That is what they are calling it now? You and me working the better part of a day to repay the debts run-up by those lazy-ass, 5-hour work-day, tax-dodging leeches, that is social? F.CK YOU!
[UPDATE002] There it is:
Most economists already expect that the euro zone will have to provide Greece with all of its medium and long-term financing next year.
Come hell or high water, you and I will repay the Greek debt.