Governments Prepare For The Worse If Greece Exits The Euro

The contagion effects of a Greek exit from the euro would be widespread Photo: Bloomberg

Cost Of Greek Exit From Euro Put At $1tn -- The Guardian

UK government making urgent preparations to cope with the fallout of a possible Greek exit from the single currency.

The British government is making urgent preparations to cope with the fallout of a possible Greek exit from the single currency, after the governor of the Bank of England, Sir Mervyn King, warned that Europe was "tearing itself apart".

Reports from Athens that massive sums of money were being spirited out of the country intensified concern in London about the impact of a splintering of the eurozone on a UK economy that is stuck in double-dip recession. One estimate put the cost to the eurozone of Greece making a disorderly exit from the currency at $1tn, 5% of output.

Read more ....

More News On The Euro-Greek Crisis

Eurozone crisis live: Greek elections called for 17 June -- The Guardian
Debt crisis: as it happened - May 16, 2012 -- The Telegraph
It's make or break time for the euro says Cameron in chilling warning as Bank chief says eurozone is tearing itself apart -- Daily Mail
Fear and confusion rule as Greece faces uncertain future -- CNN
Debt crisis: Greek euro exit looms closer as banks crumble -- The Telegraph
IMF chief warns on cost of Greek exit from euro -- Reuters
Greeks set election date amid possibility of bank panic -- CNN
Flight of Euros Accelerates, Adding to Greece’s Worries -- New York Times
Greek Politicians Debate Election Disaster 'If We Leave the Euro, Everything Will Be Worse' -- Spiegel Online
Greece in crisis: this is not a quarrel in a faraway land -- Heather Stewart, The Telegraph
A last roll of the dice for the euro - and a gathering storm that should terrify us all -- Dominic Sandbrook, Daily Mail
Eurozone debt crisis: how a Greek exit from the euro might unfold -- The Telegraph