Athens Mulls Plans for New Currency. Greece Considers Exit from Euro Zone

Article suggests that the debt crisis in Greece took on a dramatic new twist on the 6 May 2011. Sources with information about the government's actions informed SPIEGEL ONLINE that Athens was considering withdrawing from the euro zone. The common currency area's finance ministers and representatives of the European Commission were said to be holding a secret crisis meeting in Luxembourg on the evening of the 6 May 2011.

However, the spokesman for eurogroup chief and Luxembourg Prime Minister Jean-Claude Juncker told Reuters: 'I totally deny that there is a meeting, these reports are totally wrong'.

Subsequently, it was admitted a meeting of some EU Finance Ministers did take place but that the subject of Greece withdrawing from the eurozone was not discussed.

[see also: The political causes of a not-so-secret meeting, a commentary feature on the above news by FT columnist Wolfgang Munchau via the related hyperlink below]

• Primary Source

Deutsche Welle, 8.5.11: Greece must exit euro for its own good, says leading German economist http://www.dw-world.de/dw/article/0,,15058930,00.html

Kathimerini, 8.5.11: Athens might need more help http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_3_08/05/2011_390052

ESO: Background information: The political causes of a not-so-secret meeting http://www.europeansources.info/record/the-political-causes-of-a-not-so-secret-meeting/

BBC News, 7.5.11: Euro falls on rumours Greece is to quit the eurozone http://www.bbc.co.uk/news/business-13317770

Deutsche Welle, 7.5.11: Greek exit from euro out of the question, says eurozone head http://www.dw-world.de/dw/article/0,,15057590,00.html

EUObserver, 6.5.11: Eurozone core meet in secret, but Greek exit from euro a 'fantasy' http://euobserver.com/9/32282

Kathimerini, 6.5.11: Greece rejects report about leaving the euro http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_2_06/05/2011_389960

ESO: Background information: The Greek debt crisis of 2010 http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/

ESO: Background information: Greece: Hard to hold the line http://www.europeansources.info/record/greece-hard-to-hold-the-line/

EUObserver, 6.5.11: Brussels: ‘No comment' on Greek eurozone exit meeting http://euobserver.com/9/32281

EUObserver, 10.5.11: Attacks mount against 'master of lies' Juncker http://euobserver.com/9/32294

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