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live The fall of Papandreou: Brussels is preparing for the era after Greece

03 November 2011 / 13:11:09  GRReporter
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The eurozone is considering options that will prevent the other Member States in the event that Greece leaves the monetary union. This is what Eurogroup head Jean-Claude Juncker have stated. "We are fully prepared for that development," said the European leader to ZDF. He stressed that everything possible should be done to keep all the 17 states in the euro area, but if the Greeks did not want this, no one would stop them.

Eurogruop’s head said that Europeans could not continue to ride the roller coaster, in which the Greek debt crisis has tuned. He was clear that the European Community could not keep the state in the eurozone, against the Greeks’ will. Juncker described the atmosphere of the G20 summit as particularly unpleasant and noted that the Greek prime minister George Papandreou did not feel particularly comfortable in the company of world leaders last night. He stressed that at the summit, the leaders have expressed their dissatisfaction with the fact that Papandreou had not warned them of his intentions to announce a referendum on the adoption of the financial aid and his sole decision could be defined as unfair.

The only possible formulation of the Greek referendum could be "for" or "against" staying in the eurozone. This was the "recommendation" of German Chancellor Angela Merkel and French President Nicolas Sarkozy. The single position in Cannes last night was that concerning a referendum, first, the 16 euro zone member states had to hold one to ask the people whether they want to give aid to Greece and then the Greeks themselves to vote on whether to accept it.

Angela Merkel said that the European Union countries were willing to keep Greece in the eurozone, but added, "We are ready if Greece wants to leave us." She also indicated that the G20 summit was extremely difficult and the desired development of the current crisis was the adoption and implementation of the decisions of the summit held on November 27 this year.

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Tags: EconomyMarketsEurozoneJunckerMerkelPapandreouReferendum
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