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"Plan Z" is the name given to a 2012 plan to enable Greece to withdraw from the eurozone in the event of Greek bank collapse. [27] It was drawn up in absolute secrecy by small teams totalling approximately two dozen officials at the EU Commission (Brussels), the European Central Bank (Frankfurt) and the IMF (Washington). [27]
Despite the claims by analysts abroad and in Greece [34] that the referendum might open the way for Greece's withdrawal from the Eurozone, and despite polls showing that Greek citizens would prefer keeping the common currency "at all costs," [35] [36] the referendum, conducted on 5 July 2015, returned a result of 61.3% for "No" and 38.7% for "Yes."
BRUSSELS (AP) -- Greek Prime Minister Alexis Tsipras and skeptical European leaders negotiated past a self-imposed deadline into the early hours of Monday, with talks stuck on how Greece would ...
As of October 2012 only 3 out of 17 eurozone countries, namely Greece, Portugal, and Cyprus still battled with long-term interest rates above 6%. [28] By early January 2013, successful sovereign debt auctions across the eurozone but most importantly in Ireland, Spain, and Portugal, showed investors' confidence in the ECB backstop. [ 29 ]
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In the wake of Greece's debt crisis, the economic union of the European countries that share the euro as their common currency has been tested as never before. Some have suggested that the debacle ...
The eurozone has also enacted some limited fiscal integration; for example, in peer review of each other's national budgets. The issue is political and in a state of flux in terms of what further provisions will be agreed for eurozone change. No eurozone member state has left, and there are no provisions to do so or to be expelled. [16]
European finance leaders scheduled a "crisis summit" on 12 July to consider the request. The Greek request was a "drastic turnaround" for Prime Minister Tsipras regarding "pension cuts, tax increases and other austerity measures." [3] The total amount of loans requested in the Greek proposal was 53.5 billion euros (US$59 billion).