The Hero
الأســــــــــــــطورة
- إنضم
- Jun 29, 2008
- المشاركات
- 20,104
- مستوى التفاعل
- 69
- المطرح
- في ضحكة عيون حبيبي
The gloves are off! Greek PM prepares for showdown with Merkel and Sarkozy tonight as Europe teeters on the brink of financia
The Greek prime minister was today preparing for a tense showdown with the leaders of France and Germany after he announced shock plans to hold a referendum on his country's emergency bail-out.
George Papandreou has arrived in Cannes, France, after securing his ministers' support for the vote in a mammoth seven-hour cabinet meeting last night. The referendum could take place next month.
If Greece rejects the austerity measures - part of a package to stop the sovereign debt crisis spreading, Europe faces being plunged into an economic catastrophe.
Fury of the people: Protesters demonstrate against planned austerity measures outside the Greek Parliament last night as the country's prime minister gained backing for a referendum on the bail-out deal
Protesters in the Greek city of Thessaloniki carrying banners written in German, 'One people, one Reich, one Euro', paraphrasing a Nazi slogan and 'No to a new (German) occupation. A Greek 'wanted' poster bearing the photos of PM George Papandreou and finance minister Evangelos Venizelos says 'Wanted by the Greeks'
Mr Papendreou will face the wrath of President Nicolas Sarkozy and Chancellor Angela Merkel this evening ahead of the G20 summit.
The pair will then meet with other top world leaders who they will try to convince that the eurozone is not in terminal decline.
In Greece yesterday, little was done to calm the nerves of politicians and financial markets as Athens announced extraordinary plans to sack its military leaders amid rampant speculation that it was trying to head off a coup detat.
Its all over. The government is about to collapse, said one Greek official. Greeces former deputy finance minister Petros Doukas agreed: The **** has hit the fan.
Greek ministers this morning voted unanimously for a referendum on the bailout deal to take place in December, backing the proposal made by Prime Minister George Papandreou as he fought to save his own skin.
He now faces a vote of confidence in the Greek parliament on Friday.
Their vote came at the end of a seven-hour emergency cabinet meeting, during which Mr Papandreou said: 'The referendum will be a clear mandate and a clear message in and outside Greece on our European course and participation in the euro.
All smiles: Greek Prime Minister George Papandreou, centre, with other ministers during a break in the marathon cabinet meeting last night
'No one will be able to doubt Greece's course within the euro.'
The move has horrified other European leaders, with France and Germany meeting Greek officials in Cannes for crisis talks today, ahead of a G20 summit on which the European economy now appears to hinge.
[h=3]SARKOZY'S G20 NIGHTMARE[/h]Nicolas Sarkozy's summit in the sun on the Cote d'Azur now will see the French president end his year as leader of the world's main industrial and developing nations in the reduced position of trying to convince counterparts from the U.S., China, Brazil and elsewhere that Europe can resolve its two-year old sovereign debt crisis.
Sarkozy will meet with German Chancellor Angela Merkel and top EU officials as well as the head of the International Monetary Fund Wednesday evening before dinner with Chinese president Hu Jintao.
Afterwards, the Europeans will hold another meeting, this time bringing in Greek Prime Minister George Papandreou. Greece is not part of the G-20.
European leaders had been counting on China to use its financial muscle as holder of the world's largest foreign currency reserves to bolster the revamped euro rescue plan that EU leaders thrashed out just a week ago.
The Cannes meeting was to be Europe's chance to explain to the world that it had finally taken the tough decisions necessary to bring the debt crisis under control, which has seen three countries, Greece, Portugal and Ireland bailed out and has shown alarming signs of spreading to the much-bigger economies of Italy and Spain.
That's now a hard sell in the wake of Papandreou's unexpected decision Monday to put the plan to a referendum, where approval by Greeks worn out by successive rounds of tax hikes and wage cuts is anything but assured.
It heaped humiliation on French President Nicolas Sarkozy, who as leader of the G20 nations was set to try to convince non-European nations he had the euro crisis under control.
European Commission President Jose Manuel Barroso today called on Greek political leaders to come together to support the EU/IMF bailout package agreed by euro zone leaders last week.
'I want to make a very urgent, heartfelt appeal for national and political unity in Greece,' he said.
He warned that if Greece failed to support the package, the effect on the Greek people would be much worse than the austerity they are currently undergoing.
'Without agreement of Greece to the programme supported by the EU and IMF, conditions for Greek citizens will become much more painful, particularly for the most vulnerable.'
Markets rallied after big losses yesterday. In London the FTSE 100 was up 70.11 or 1.29% at 5491.68 this afternoon and in Germany and Paris, markets were up 2.62% and 1.76% respectively.
In the U.S., the Dow Jones was up 1.79% in early trading.
Economists warned that if Greece rejects the debt deal hammered out only last week, which would entail years of austerity, the entire future of the single currency is in peril.
They predicted that Italy, Spain and Portugal are likely to be plunged into a profound economic crisis because of their failure to get to grips with their towering debts.
The referendum would be an effective vote on whether or not Greece should remain in the straitjacket of the single currency and accept years of spending cuts and tax rises, or simply refuse to pay what it owes and crash out of the euro.
The Greek opposition is, if anything, more hostile to the bailout and austerity package than Mr Papandreou, and it would demand an even bigger write-down of the nations debts than the 50 per cent agreed with the EU and International Monetary Fund.
The sense of crisis in Athens ruled by a military junta as recently as 1974 was compounded by an unexpected announcement that Mr Papandreou intends to dismiss the chief of the defence staff and the heads of the army, navy and air force.
That raised speculation about the possibility of a military coup in Greece, an outcome said to have been deemed possible in a secret assessment by the CIA.
Greek-Cypriot Nobel economics laureate Professor Christopher Pissarides, of the London School of Economics, said: Before 1974, when politicians were arguing and fighting, the military came in and said, Come on now, lets stop, theres military rule until you sort it out.
Crisis talks: French President Nicolas Sarkozy and Germany's Chancellor Merkel have called an emergency meeting in Cannes ahead of the G20 summit after Greece announced it will hold a referendum on the bailout
Since 1974, of course, democracy has worked, but its worrying when you have news about armed officers being replaced right in the middle of an economic crisis.
The Foreign Office in London played down the prospect of a military takeover, saying officials in Athens were insisting that the government had planned for some time to clear out its top brass.
But one British diplomatic source said: Clearly with everyone talking about the country being in turmoil, the timing is odd.
The most likely scenario is that the government will press ahead with a vote of confidence on Friday, which it looks likely to lose. An interim government will then be appointed before a snap election.
Last night a Greek government spokesman said Mr Papandreou had told his Cabinet he would hold a referendum seeking approval of the bailout deal come what may, and was determined to win Fridays vote of confidence.
French President Nicolas Sarkozy said the proposal for a referendum had surprised all of Europe and the hard-fought European bailout plan for Greece was the only way possible to resolve that nations debt crisis.
Anger: The austerity measures in Greece have sparked prolonged and violent protests but the people of the country will now decide how to move forward
[h=3]WHY RUNNING THE COUNTRY HAS ALWAYS BEEN A FAMILY AFFAIR[/h]
American-born Georgios Papandreou helped cement the top political post in Greece into a dynasty as he is the third member of his family to lead the country in the past 65 years, after his father and grandfather.
Mr Papandreou, pictured above left with his father Andreas, has been leader of the Panhellenic Socialist Movement (PASOK) party since February 2004 and became the 182nd prime minister of Greece in October 2009.
His grandfather George Papandreou Sr had three terms, between 1944 and 1945, in 1963, and then from 1964 to 1965.
The current PM's father Andreas Papandreou served two terms, from 1981 to 1989, and then from 1993 to 1996.
In two separate polls, conducted in 2007 and 2010, Mr Papandreou, who was known to the public simply as 'Andreas', was voted as the best prime minister of Greece since democracy re-emerged in 1974. It is unlikely in light of recent events that his son will challenge him for this crown.
Georgios Papandreou was elected in a landslide victory where the country's conservatives suffered one of their worst ever general election results.
On the back of a huge swell of public support and an emphatic majority he promised to reinvigorate Greece's stuttering economy by pumping in 3billion euros.
However it then came out that the country was in much more debt than first thought so he began to cut spending, bump up taxes and slash public sector jobs, leading to national strikes.
Greece is effectively bankrupt and cannot pay off its debts, even with the tough austerity measures that have been forced upon it.
After fierce resistance, private banks and other investors agreed at a crunch summit in Brussels last week to write off 50 per cent of what its government owes.
The agreement was aimed at cutting Greek debt from 160 per cent of its earnings to 120 per cent by 2020. Without action, it would have ballooned to 180 per cent.
But the Greek people are furious at being asked to endure years of spending cuts and tax rises. There are increasing calls for the country to leave the euro, refuse to pay its way and reinstate the drachma.
In the Commons, Chancellor George Osborne said there was no doubt that Greeces decision to announce a referendum had added to instability and uncertainty in the eurozone.
He added: Now ultimately its up to the Greek people and the Greek political system to decide how they make their decisions, but I would say it is extremely important for the eurozone to implement the package that they agreed last week, that is what I said was crucial at the time, thats what they all said was crucial at the time and I think we need to get on with it sooner rather than later.
Labour peer Lord Soley said: When the history of this period is written it may well be that the Greek decision will be seen as the economic equivalent of the assassination of Archduke Ferdinand at Sarajevo in 1914. It will trigger events way beyond the borders of Greece or even Europe.
Stock markets around the world crumbled yesterday as the eurozone lurched towards financial catastrophe. The FTSE 100 index fell more than two per cent in London down 122.65 to 5421.57 wiping £32billion off the value of Britains blue chip firms.
But there were far more punishing losses on the Continent, with shares in Italy and Greece down nearly seven per cent on a day of carnage on the financial markets. The Paris stock market lost 5.38 per cent, Frankfurt tumbled five per cent and the euro fell around 1.5 per cent against the U.S. dollar.
Shares in French banks were the worst hit on fears over their exposure to Greek debt. If Athens defaults, lenders in France look set to bear the greatest losses. One, Societe Generale, fell more than 16 per cent.
British banks did not escape the bloodbath, with Barclays losing 9.5 per cent of its value and state-controlled Royal Bank of Scotland down eight per cent.
Borrowing costs in Italy soared again yesterday as the crisis threatened to spread from Athens to Rome.
Lord Adair Turner, head of the UKs Financial Services Authority, warned that Italys towering debts of 120 per cent of GDP present a much bigger threat to Britains banks than Greece.
[h=3]WHY THE GREEKS WOULD SAY 'NO' TO EUROZONE DEAL[/h]
[h=1]The Mail's Q&A on the Greek crisis[/h]By TIM SHIPMAN
[h=2]Whats behind the current crisis?[/h]The government of Greek Prime Minister George Papandreou could be on the brink of collapse after calling for a referendum over whether to support a deal thrashed out in Brussels last week to save the euro.
That would see a 50 per cent write-off of Greek debts and a further £100billion to help the country stay afloat. Papandreou did not even inform Finance Minister Evangelos Venizelos he was going to announce the referendum. Mr Venizelos was yesterday rushed to a clinic with stomach problems after the shock.
[h=2]Why dont the Greeks like the deal?[/h]The country has been asked to make billions in cuts. That will lead to serious cuts in public services, higher taxes, a raised pension age and declining real wages for years to come.
[h=2]A referendum sounds like a good idea. Whats the problem?[/h]Members of the ruling coalition in Greece are concerned that it would amount to an in-out referendum on Greeces membership of the single currency.
Riot police engulfed in flames during violent clashes in Athens, Greece, on 23 February this year
[h=2]What happens if they leave the euro?[/h]Economists fear that would lead Greece to default on all its debts, bankrupting European banks owed money by Greece and tip the whole of the EU into a deep recession. British banks are heavily exposed to French and German banks, which could go under if Greece defaults.
[h=2]Will the government collapse?[/h]Papandreous majority was reduced to just two yesterday when members of his ruling coalition defected amid fresh calls for a politically legitimate administration. Emergency talks were being held last night.
[h=2]What happens next?[/h]Papandreous critics want him to quit so they can form a government of national unity. That would almost certainly mean plans for a referendum will be scrapped. The new government would be expected to approve the plans or play hardball with Brussels, demanding an even bigger write-off of the nations debts.
[h=2]Could there be a military coup?[/h]The military ran the country as recently as 1974. Yesterday the government stoked fears of a military takeover by sacking military chiefs. British diplomats said the changes had been planned for some time but were surprised at the inflammatory timing. They did not expect a coup not least because a military takeover could lead Greece to be ejected from the EU. Other Greeks would like to see the return of King Constantine II, who lives in London and is very close to the British Royal Family.
[h=2]If Greece pulls out of the euro, what will that mean for the single currency?[/h]Economists think it could kill the euro. After driving out Greece, the markets would be expected to turn on Portugal, Italy, Spain and even France, driving up the price of their debt until they could no longer pay their bills. That could bankrupt their banks and leave governments powerless to help. A worldwide economic meltdown would follow.
The Greek prime minister was today preparing for a tense showdown with the leaders of France and Germany after he announced shock plans to hold a referendum on his country's emergency bail-out.
George Papandreou has arrived in Cannes, France, after securing his ministers' support for the vote in a mammoth seven-hour cabinet meeting last night. The referendum could take place next month.
If Greece rejects the austerity measures - part of a package to stop the sovereign debt crisis spreading, Europe faces being plunged into an economic catastrophe.
Mr Papendreou will face the wrath of President Nicolas Sarkozy and Chancellor Angela Merkel this evening ahead of the G20 summit.
The pair will then meet with other top world leaders who they will try to convince that the eurozone is not in terminal decline.
In Greece yesterday, little was done to calm the nerves of politicians and financial markets as Athens announced extraordinary plans to sack its military leaders amid rampant speculation that it was trying to head off a coup detat.
Its all over. The government is about to collapse, said one Greek official. Greeces former deputy finance minister Petros Doukas agreed: The **** has hit the fan.
Greek ministers this morning voted unanimously for a referendum on the bailout deal to take place in December, backing the proposal made by Prime Minister George Papandreou as he fought to save his own skin.
He now faces a vote of confidence in the Greek parliament on Friday.
Their vote came at the end of a seven-hour emergency cabinet meeting, during which Mr Papandreou said: 'The referendum will be a clear mandate and a clear message in and outside Greece on our European course and participation in the euro.
'No one will be able to doubt Greece's course within the euro.'
The move has horrified other European leaders, with France and Germany meeting Greek officials in Cannes for crisis talks today, ahead of a G20 summit on which the European economy now appears to hinge.
[h=3]SARKOZY'S G20 NIGHTMARE[/h]Nicolas Sarkozy's summit in the sun on the Cote d'Azur now will see the French president end his year as leader of the world's main industrial and developing nations in the reduced position of trying to convince counterparts from the U.S., China, Brazil and elsewhere that Europe can resolve its two-year old sovereign debt crisis.
Sarkozy will meet with German Chancellor Angela Merkel and top EU officials as well as the head of the International Monetary Fund Wednesday evening before dinner with Chinese president Hu Jintao.
Afterwards, the Europeans will hold another meeting, this time bringing in Greek Prime Minister George Papandreou. Greece is not part of the G-20.
European leaders had been counting on China to use its financial muscle as holder of the world's largest foreign currency reserves to bolster the revamped euro rescue plan that EU leaders thrashed out just a week ago.
The Cannes meeting was to be Europe's chance to explain to the world that it had finally taken the tough decisions necessary to bring the debt crisis under control, which has seen three countries, Greece, Portugal and Ireland bailed out and has shown alarming signs of spreading to the much-bigger economies of Italy and Spain.
That's now a hard sell in the wake of Papandreou's unexpected decision Monday to put the plan to a referendum, where approval by Greeks worn out by successive rounds of tax hikes and wage cuts is anything but assured.
It heaped humiliation on French President Nicolas Sarkozy, who as leader of the G20 nations was set to try to convince non-European nations he had the euro crisis under control.
European Commission President Jose Manuel Barroso today called on Greek political leaders to come together to support the EU/IMF bailout package agreed by euro zone leaders last week.
'I want to make a very urgent, heartfelt appeal for national and political unity in Greece,' he said.
He warned that if Greece failed to support the package, the effect on the Greek people would be much worse than the austerity they are currently undergoing.
'Without agreement of Greece to the programme supported by the EU and IMF, conditions for Greek citizens will become much more painful, particularly for the most vulnerable.'
Markets rallied after big losses yesterday. In London the FTSE 100 was up 70.11 or 1.29% at 5491.68 this afternoon and in Germany and Paris, markets were up 2.62% and 1.76% respectively.
In the U.S., the Dow Jones was up 1.79% in early trading.
Economists warned that if Greece rejects the debt deal hammered out only last week, which would entail years of austerity, the entire future of the single currency is in peril.
They predicted that Italy, Spain and Portugal are likely to be plunged into a profound economic crisis because of their failure to get to grips with their towering debts.
The referendum would be an effective vote on whether or not Greece should remain in the straitjacket of the single currency and accept years of spending cuts and tax rises, or simply refuse to pay what it owes and crash out of the euro.
The Greek opposition is, if anything, more hostile to the bailout and austerity package than Mr Papandreou, and it would demand an even bigger write-down of the nations debts than the 50 per cent agreed with the EU and International Monetary Fund.
The sense of crisis in Athens ruled by a military junta as recently as 1974 was compounded by an unexpected announcement that Mr Papandreou intends to dismiss the chief of the defence staff and the heads of the army, navy and air force.
That raised speculation about the possibility of a military coup in Greece, an outcome said to have been deemed possible in a secret assessment by the CIA.
Greek-Cypriot Nobel economics laureate Professor Christopher Pissarides, of the London School of Economics, said: Before 1974, when politicians were arguing and fighting, the military came in and said, Come on now, lets stop, theres military rule until you sort it out.
The Foreign Office in London played down the prospect of a military takeover, saying officials in Athens were insisting that the government had planned for some time to clear out its top brass.
But one British diplomatic source said: Clearly with everyone talking about the country being in turmoil, the timing is odd.
The most likely scenario is that the government will press ahead with a vote of confidence on Friday, which it looks likely to lose. An interim government will then be appointed before a snap election.
Last night a Greek government spokesman said Mr Papandreou had told his Cabinet he would hold a referendum seeking approval of the bailout deal come what may, and was determined to win Fridays vote of confidence.
French President Nicolas Sarkozy said the proposal for a referendum had surprised all of Europe and the hard-fought European bailout plan for Greece was the only way possible to resolve that nations debt crisis.
[h=3]WHY RUNNING THE COUNTRY HAS ALWAYS BEEN A FAMILY AFFAIR[/h]
Mr Papandreou, pictured above left with his father Andreas, has been leader of the Panhellenic Socialist Movement (PASOK) party since February 2004 and became the 182nd prime minister of Greece in October 2009.
His grandfather George Papandreou Sr had three terms, between 1944 and 1945, in 1963, and then from 1964 to 1965.
The current PM's father Andreas Papandreou served two terms, from 1981 to 1989, and then from 1993 to 1996.
In two separate polls, conducted in 2007 and 2010, Mr Papandreou, who was known to the public simply as 'Andreas', was voted as the best prime minister of Greece since democracy re-emerged in 1974. It is unlikely in light of recent events that his son will challenge him for this crown.
Georgios Papandreou was elected in a landslide victory where the country's conservatives suffered one of their worst ever general election results.
On the back of a huge swell of public support and an emphatic majority he promised to reinvigorate Greece's stuttering economy by pumping in 3billion euros.
However it then came out that the country was in much more debt than first thought so he began to cut spending, bump up taxes and slash public sector jobs, leading to national strikes.
Greece is effectively bankrupt and cannot pay off its debts, even with the tough austerity measures that have been forced upon it.
After fierce resistance, private banks and other investors agreed at a crunch summit in Brussels last week to write off 50 per cent of what its government owes.
The agreement was aimed at cutting Greek debt from 160 per cent of its earnings to 120 per cent by 2020. Without action, it would have ballooned to 180 per cent.
But the Greek people are furious at being asked to endure years of spending cuts and tax rises. There are increasing calls for the country to leave the euro, refuse to pay its way and reinstate the drachma.
In the Commons, Chancellor George Osborne said there was no doubt that Greeces decision to announce a referendum had added to instability and uncertainty in the eurozone.
He added: Now ultimately its up to the Greek people and the Greek political system to decide how they make their decisions, but I would say it is extremely important for the eurozone to implement the package that they agreed last week, that is what I said was crucial at the time, thats what they all said was crucial at the time and I think we need to get on with it sooner rather than later.
Labour peer Lord Soley said: When the history of this period is written it may well be that the Greek decision will be seen as the economic equivalent of the assassination of Archduke Ferdinand at Sarajevo in 1914. It will trigger events way beyond the borders of Greece or even Europe.
Stock markets around the world crumbled yesterday as the eurozone lurched towards financial catastrophe. The FTSE 100 index fell more than two per cent in London down 122.65 to 5421.57 wiping £32billion off the value of Britains blue chip firms.
But there were far more punishing losses on the Continent, with shares in Italy and Greece down nearly seven per cent on a day of carnage on the financial markets. The Paris stock market lost 5.38 per cent, Frankfurt tumbled five per cent and the euro fell around 1.5 per cent against the U.S. dollar.
Shares in French banks were the worst hit on fears over their exposure to Greek debt. If Athens defaults, lenders in France look set to bear the greatest losses. One, Societe Generale, fell more than 16 per cent.
British banks did not escape the bloodbath, with Barclays losing 9.5 per cent of its value and state-controlled Royal Bank of Scotland down eight per cent.
Borrowing costs in Italy soared again yesterday as the crisis threatened to spread from Athens to Rome.
Lord Adair Turner, head of the UKs Financial Services Authority, warned that Italys towering debts of 120 per cent of GDP present a much bigger threat to Britains banks than Greece.
[h=3]WHY THE GREEKS WOULD SAY 'NO' TO EUROZONE DEAL[/h]
- Income tax threshold would be lowered from 12,000 (£10,300) to 5,000 (£4,300)
- Retirement age would be raised from 61 to 65
- VAT would rise from 19 to 23 per cent
- Higher property taxes
- Monthly pensions above 1,000 (£860) would be cut by 20 per cent
- Excise on fuel, cigarettes and alcohol would rise by a third
- To qualify for a full pension people would be required to complete 40 years work
- Retirees aged under 55 would lose 40 per cent of their pensions over 1,000 (£860)
- Public sector wages would be cut by 20 per cent
- Employees of state-owned enterprises would have their wages cut by 30 per cent
- A cap would be introduced on wages and bonuses
- 30,000 civil servants would be suspended on partial pay
- All temporary contracts for public sector workers would be terminated.
- Just one in 10 civil servants retiring this year would be replaced
- New levies on household incomes of between one and five per cent
[h=1]The Mail's Q&A on the Greek crisis[/h]By TIM SHIPMAN
[h=2]Whats behind the current crisis?[/h]The government of Greek Prime Minister George Papandreou could be on the brink of collapse after calling for a referendum over whether to support a deal thrashed out in Brussels last week to save the euro.
That would see a 50 per cent write-off of Greek debts and a further £100billion to help the country stay afloat. Papandreou did not even inform Finance Minister Evangelos Venizelos he was going to announce the referendum. Mr Venizelos was yesterday rushed to a clinic with stomach problems after the shock.
[h=2]Why dont the Greeks like the deal?[/h]The country has been asked to make billions in cuts. That will lead to serious cuts in public services, higher taxes, a raised pension age and declining real wages for years to come.
[h=2]A referendum sounds like a good idea. Whats the problem?[/h]Members of the ruling coalition in Greece are concerned that it would amount to an in-out referendum on Greeces membership of the single currency.
Riot police engulfed in flames during violent clashes in Athens, Greece, on 23 February this year
[h=2]What happens if they leave the euro?[/h]Economists fear that would lead Greece to default on all its debts, bankrupting European banks owed money by Greece and tip the whole of the EU into a deep recession. British banks are heavily exposed to French and German banks, which could go under if Greece defaults.
[h=2]Will the government collapse?[/h]Papandreous majority was reduced to just two yesterday when members of his ruling coalition defected amid fresh calls for a politically legitimate administration. Emergency talks were being held last night.
[h=2]What happens next?[/h]Papandreous critics want him to quit so they can form a government of national unity. That would almost certainly mean plans for a referendum will be scrapped. The new government would be expected to approve the plans or play hardball with Brussels, demanding an even bigger write-off of the nations debts.
[h=2]Could there be a military coup?[/h]The military ran the country as recently as 1974. Yesterday the government stoked fears of a military takeover by sacking military chiefs. British diplomats said the changes had been planned for some time but were surprised at the inflammatory timing. They did not expect a coup not least because a military takeover could lead Greece to be ejected from the EU. Other Greeks would like to see the return of King Constantine II, who lives in London and is very close to the British Royal Family.
[h=2]If Greece pulls out of the euro, what will that mean for the single currency?[/h]Economists think it could kill the euro. After driving out Greece, the markets would be expected to turn on Portugal, Italy, Spain and even France, driving up the price of their debt until they could no longer pay their bills. That could bankrupt their banks and leave governments powerless to help. A worldwide economic meltdown would follow.