Tuesday, May 15, 2012

Greece COULD quit the euro, admits Merkel as global markets are plunged into turmoil

Tens of billions of pounds were wiped off shares yesterday as Angela Merkel conceded for the first time that Greece could be forced to quit the euro.

The German chancellor suggested that European support for Greece would ‘end’ unless Athens held to the punishing bail-out terms agreed with Brussels and Berlin.

Her warning came amid mounting speculation that Greece could be forced out of the single currency within weeks – plunging both Athens and the single currency into crisis.

Observers have dubbed the possible departure as the ‘Grexit’ and one Greek minister last night warned the crisis could result in ‘civil war’, with Kalashnikov-toting gangs roaming Athens. Read More