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Germany mulling 5 year Grexit plan
Highlights
Germany has drawn up plans for a temporary five-year Greek exit from the euro if it fails to improve its bailout proposals, a European source said on Saturday as eurozone finance ministers met in Brussels.
Germany has drawn up plans for a temporary five-year Greek exit from the euro if it fails to improve its bailout proposals, a European source said on Saturday as eurozone finance ministers met in Brussels.
“It was not distributed at the eurozone meeting. There were two options: an improvement of the proposals, or temporary ‘Grexit’,” said the source.
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Hardline Germany is leading a chorus of scepticism as eurozone finance ministers study leftist Greek PM Alexis Tsipras’s new reform plan for a third rescue package worth more than 80 billion euros.
The European source was commenting on a report in the Frankfurter Allgemeine Sonntagszeitung newspaper that said the plans appeared in a one-page German finance ministry “position paper” which was handed to other member states.
The new Greek proposals for a third bailout “lack areas of important reforms,” which is why they can’t serve as the basis for a three-year bailout programme, the ministry said.
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