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Euro chiefs rule out 'stupid' idea of Greek exit

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Euro chiefs rule out 'stupid' idea of Greek exit


European currency chiefs have dismissed a reported idea for Greece to leave the euro and restore the drachma.

Eurozone finance ministers held late night talks on Friday amid rising speculation that Athens wouldn’t be able to meet its debt repayment obligations.

They have denied a report in Germany’s Spiegel Online magazine that they were going to discuss the possibilities of Greece restructuring its debt or leaving the euro.

The report prompted the euro to fall by 1% against the dollar yesterday.

The Eurogroup’s chairman Jean-Claude Juncker said the idea of a Greek exit was “stupid” and “an avenue we would never take”. Athens has also denied the reports.

But the Greek government has been told it needs to take further measures on top of its existing austerity programme.

A year after the 110-billion euro bailout, markets remain nervous at the country’s plight. Its debt – equivalent to 18 months’ economic output – is seen as unsustainable.

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