Forex News – Eurogroup asks EZ government to make contingency plans in case of Grexit

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A report was released that the Eurogroup has asked euro zone member countries to make individual contingency plans to prepare for  Greek exit from the euro area in case of such an event. (which has since been dubbed “Grexit” by many)

The so called Eurogroup Working Group (EWG), reached  an agreement during a teleconference Monday with euro zone government officials. However nothing was prepared so far on the euro zone level for now, for fear of leaks.

The document detailed the potential costs to individual member states of a Greek exit and said that if it came about, an “amiable divorce” should be sought. It also said that Greece decides to leave, support could be given from the EU/IMF to help it do so.

Meanwhile, European leaders are gathering for an informal summit in Brussels on Wednesday night to discuss jobs and growth plans as well as Greece. However, hopes are fading that any concrete agreements will be reached on how to tackle the crisis in the region.

New French President Francois Hollande expressed his desire to keep Greece in the euro and said he will do all he can to achieve this. Also he said he is not preparing a scenario for a Greece exit.