Greece denies Eurozone exit plan |
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George Papandreou, the Greek prime minister, is denying his country is getting ready to leave the Eurozone.
Rumours that Athens was quitting the single currency has lead to a fall in the value of the Euro. Finance Ministers from the Eurozone's biggest economies have been holding talks on Greece's debt crisis. Greece's sovereign debt stands at $470bn. That is more than a year-and-a-half of its entire economic output. The European Union and the International Monetary Fund agreed a loan of $160bn in May last year. The terms were eased in the spring. But the financial markets consider the high repayments as unsustainable, leading to growing fears of a default. That could spell disaster for the Eurozone. Al Jazeera's Tim Friend has more. |