Friday, 19 June 2015

Greece headed towards euro exit

It looks like Greece will be leaving the euro area. From Bloomberg:

Greece lurched closer to an exit from the euro as a meeting of finance officials to reach a deal over aid dissolved in acrimony, forcing leaders to call for an emergency summit for Monday...

Greece and its creditors -- the ECB, the IMF, and the European Commission -- seem further apart than ever after four hours of closed-door talks. Without a settlement, the ties still binding Greece to the currency bloc may begin to unravel with funding keeping Greek banks afloat under scrutiny...

Asked if he could imagine Greece being forced out of the euro, Jeroen Dijsselbloem, the Dutch minister who leads the group of euro-area finance chiefs, said, “The way it goes now we’re going in that direction.”

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