EU: Greece drifts closer to euro exit

The Telegraph ^ | 5/8/2012 | Emma Rowley

[bruinbirdman]

A rudderless Greece was drifting closer towards a euro exit on Tuesday night as the man tasked with forming a new government vowed to abandon its austerity promises.

Left-wing leader Alexis Tsipras was handed a mandate to attempt to form a coalition, after the two mainstream parties failed to reach a deal following Sunday’s inconclusive election.

But fresh elections loom as soon as next month, after the politician said he would rip up the agreement under which Athens was bailed out by the EU and the International Monetary Fund (IMF), cancelling cuts and reforms.

The turmoil is seen as raising the chances of Greece leaving the shared currency.

Paul Taylor, head of credit rating agency Fitch, said this would not kill the euro, as Germany is too invested in the currency’s survival. “Germany isn’t going to tolerate that, even if one or more countries leave the eurozone,” he said.

He spoke after voters in twice-rescued Greece punished the two main parties, New Democracy and Pasok, amid a growing backlash across the eurozone against the budget cuts and tax rises brought in to tackle debt.

New Democracy, which took the biggest share of votes, then failed to form a coalition government. That saw Mr Tsipras, whose left-wing Syriza party came a surprise second in the polls, on Tuesday given three days to form a government - which he said would oppose the terms of Greek austerity.

“The bail-out parties no longer have a majority in parliament to vote for measures that plunder the country,” he said. “There will be no €11bn (£9bn) of additional austerity measures; 150,000 jobs will not be cut.”

Athens is supposed to be offering up another €11bn of savings to continue to secure international aid.

Mr Tspiras is expected to struggle to form a coalition. Antonis Samaras,

[mongo141]

Say or do ANYTHING to get to the top of the thievery food chain where Real money can be stolen!

[allmost]

This is bad, but the EU skeptics such as myself are simply watching the inevitable.

[Uncle Ike]

” EU: Greece drifts closer to euro exit “

‘This Way to the Egress’...

;)

[Hugin]

So what now, they quit the EU and start printing their own money?

“Pssst, buddy, wanna buy some drachmas?”

[I_Like_Spam]

This doesn’t help Greece pay their international debts.

I don’t think the creditors abroad are willing to accept drachmas.

[mo]

Yeah right ..Germany is “invested” ....”somebody’s keepin’ score...and it ain’t the Frogs.....

http://coinmill.com/DEM_EUR.html

[RedMDer]

Liberals do not want liberty for anyone. They would rather dictate what we do, what we buy, where we go and when, and what we can do while there. Please donate. The Republic you save may be your own.

Liberals do not want liberty for anyone. They would rather dictate what we do, what we buy, where we go and when, and what we can do while there. Please donate. The Republic you save may be your own.

Liberals do not want liberty for anyone. They would rather dictate what we do, what we buy, where we go and when, and what we can do while there. Please donate. The Republic you save may be your own.

---

Liberals do not want liberty for anyone. They would rather dictate what we do, what we buy, where we go and when, and what we can do while there.
Please donate.
The Republic you save may be your own.