Philipp Rösler, Federal Minister of Economics and Technology and Vice Chancellor of Germany, says an orderly default should be considered for Greece in order to save the common currency.
He assumes that numerous eurozone countries, Greece in particular, are not doing their best to consolidate their budgets, which makes the common currency less reliable. He points out that another loan to Athens will depend on the efficiency of those steps the Greek authorities are going to take in order to come out of the debt crisis.
Now there are 2 scenarios of Greece’s insolvency: Greece will default on its debt but will stay in the eurozone or it will leave the eurozone. George Papandreou says that once Greece is expelled from the eurozone that will gradually lead to the disintegration of the European currency union.
FOREX.
According to the Department of Masterforex-V trading system , EURUSD continues its long-term downtrend. Wave C of Daily is heading for the support area 1,3424 - 1,3363. A long-term trend will be reversed only if the price breaks above the MF pivot and sloping channel (as shown below).
