Socio-Economics History Blog

Socio-Economics History Blog

Greece Could Quit The Euro, Admits Merkel as Global Markets are Plunged into Turmoil !

by mosesman
Daniel 7:7 – ” … behold, a fourth beast, dreadful and terrible, exceedingly strong. It had huge iron teeth; it was devouring, breaking in pieces, and trampling the residue with its feet. It was different from all the beasts that were before it, and it had ten horns.”
  • Greece could quit the euro, admits Merkel as global markets are plunged into turmoil !
    By Daily Mail Reporter, http://www.dailymail.co.uk/
    – Growing pessimism over future of single currency in current form
    – Merkel’s Christian Democrats ‘crushed’ in ‘bellwether’ regional elections
    – German chancellor raises possibility of Greek exit for first time
    – Greek bank shares plunge by 7%, as European stock markets also fall
    –
    Tens of billions of pounds were wiped off shares yesterday as Angela Merkel conceded for the first time that Greece could be forced to quit the euro. The German chancellor suggested that European support for Greece would ‘end’ unless Athens held to the punishing bail-out terms agreed with Brussels and Berlin.
    –
    Her warning came amid mounting speculation that Greece could be forced out of the single currency within weeks – plunging both Athens and the single currency into crisis.
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    Observers have dubbed the possible departure as the ‘Grexit’ and one Greek minister last night warned the crisis could result in ‘civil war’, with Kalashnikov-toting gangs roaming Athens.
    –
    Greek newspaper Imerisia reported that the government has just £1.2billion left in its coffers – enough to continue for only a few days. Last night there were also rumours of an unofficial ‘grey market’ in the drachma – the old Greek currency – springing up in anticipation of the exit.
    –
    Mrs Merkel, who will hold talks on the crisis with new French president Francois Hollande today, said Greece would ‘always’ be a member of the EU. But she left open the question of Greece’s membership of the single currency, saying only that it would be ‘better’ if it remained within the ailing single currency.
    –
    Her comments came as the mounting political turmoil in Greece sent shockwaves through world stock markets. Mr Hollande will fly to Berlin today for talks just hours after being sworn in.
    –
    In London, the FTSE-100 index was down by 110 points to its lowest level this year, wiping almost £30billion off the value of Britain’s top companies. Bank shares took a hammering, with Barclays, Lloyds and Royal Bank of Scotland all down by around 5 per cent.
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