Is This It? Implications of Greece Leaving the Eurozone
IPE at UNC submits:
By Kindred Winecoff
Der Spiegel says Greece is about to restructure its debt and leave the eurozone:
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.
Alarmed by Athens' intentions, the European Commission has called a crisis meeting in Luxembourg on Friday night. In addition to Greece's possible exit from the currency union, a speedy restructuring of the country's debt also features on the agenda. One year after the Greek crisis broke out, the development represents a potentially existential turning point for the European monetary union - regardless which variant is ultimately decided upon for dealing with Greece's massive troubles.
And here's one politicalComplete Story »