The Corner

Angel Merkel Nixes Talk of a Greek “Orderly Default”

Chancellor Angela Merkel has calmed growing fears that Germany was considering allowing Greece to default on their debt, and perhaps preparing for a Greek exit from the eurozone. The BBC reports:

German Chancellor Angela Merkel has sought to calm market nerves over a possible Greek debt default, saying the eurozone must stick together.

The collapse of Greece and its exit from the euro would have a domino effect, she told German radio.

Her comments came after reports that Germany was preparing for Greece to potentially leave the euro.

Fears of a Greek default caused sharp falls in shares on Monday, with markets remaining unsettled on Tuesday.

Mrs Merkel told the RBB radio station: “The top priority is to avoid an uncontrolled insolvency, because that would not just affect Greece, and the danger that it hits everyone – or at least several countries – is very big.

“I have made my position very clear that everything must be done to keep the eurozone together politically. Because we would soon have a domino effect,” said the chancellor.

Speculation regarding German intentions grew over the weekend when Economy Minister Philipp Roesler indicated that Greece might need an “orderly default.” His words had an immediate impact on global share prices on Monday. Merkel pushed back in response, arguing that there was no mechanism within the EU for a member state to default, and that Greece was ostensibly implementing the austerity measures which were a condition of the two international bailouts it has enjoyed.

The rest here.

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