May 23, 2012
European leaders, at odds over how to resolve the deepening crisis in the euro zone on Wednesday, have been advised by senior officials to prepare contingency plans in case Greece quits the single currency area.
Three officials told Reuters the instruction to be ready was agreed on Monday during a teleconference of the Eurogroup Working Group (EWG) - experts who work for the bloc's finance ministers - and the German central bank said losing Greece would be testing but "manageable".
"The EWG agreed that each euro zone country should prepare a contingency plan, individually, for the potential consequences of a Greek exit from the euro," said one euro zone official.
The Greek finance ministry denied there was any such agreement but Belgian Finance Minister Steven Vanackere, asked by reporters ahead of the EU summit, said:
"All the contingency plans (for Greece) come back to the same thing: to be responsible as a government is to foresee even what you hope to avoid."
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