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FT: Berlin Is Preparing For Greek Exit From Eurozone

Germany’s preparations for a possible Greek exit from the Eurozone are more intense than previously known, the German daily Financial Times Deutschland reported Friday, citing sources in the finance ministry.
According to the report, the finance ministry has created a special working group under the leadership of state secretary Thomas Steffen. The group is made up of about ten people across all levels of hierarchy in the ministry and meets on a regular basis, the FTD said.
Steffen, who is a member of Chancellor Angela Merkel’s CDU party, is in close contact with the chancellery on the issue, the paper added.
“The colleagues are calculating the financial consequences and deliberating on how a domino effect in other Euro countries can be prevented,” the paper cited ministry sources as saying.
According to the report, it remains the ministry’s priority to keep Greece and other debt-troubled countries in the Eurozone, but it wants to be prepared for possible adverse scenarios that could bring Spain, Italy, Portugal and possibly even France under financial market pressure.
“There is a task force that is dealing primarily with the debt crisis. In this context, Mr. Steffen is accountable to the [finance] minister,” a spokesperson of the ministry told the paper. The spokesperson added that the government is preparing for all scenarios, including unlikely ones.
(source: Financial Times, mni)

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