Greece on its eight- week way to leave Euro zone

14.05.2012 12:41
Greece on its eight- week way to leave Euro zone

YEREVAN, May 14. /ARKA/. It’s possible that Greece may leave the euro zone in eight weeks, the Sunday Times newspaper reports.

According to the source, the growing political crisis in Greece may impede the euro zone to implement financial aid plan to this country. And moreover, series of unsuccessful efforts to assemble a new government raised a risk of holding new elections in June.

However, by late June, according to the anti-crisis plan, Greek government should approve cutting state expenses by 11 billion euros. After that Athens should receive another loan tranche from EU and IMF in early July.

Economists however, doubt that Greece will be able to form an effective government by late June and to cut its state expenses. And without this step the EU and IMF will not allocate any money to Greece pushing it to default and withdrawal from the euro zone, the newspaper informs.

Banks of Great Britain now reckon there is a 50% chance that Greece will pull out of the single currency, according to the source. --0--


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