Thursday 26 May 2011

Greece Risks 'Return to Drachma'

THE DAILY TELEGRAPH: Greece will have to ditch the euro unless it agrees tougher austerity measures, said a senior Greek official, delivering the strongest warning yet from a European insider as to what is at stake.

Maria Damanaki, the European Commissioner for fisheries, and who was appointed by Greece's ruling socialists, said her country faces having to exit the currency unless warring parties can agree to makes the sacrifices needed to resolve its debt crisis.

The Greek government strongly denied previous rumours that Athens was considering leaving the eurozone, but Ms Damanaki said the situation's gravity had forced her to "speak openly" about the dilemma facing her country. » | Emma Rowley | Wednesday, May 25, 2011