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Der Spiegel is reporting that Greece is preparing to leave the euro zone:

The debt crisis in Greece has taken on a dramatic new twist. Sources with information about the government’s actions have informed SPIEGEL ONLINE that Athens is considering withdrawing from the euro zone. The common currency area’s finance ministers and representatives of the European Commission are holding a secret crisis meeting in Luxembourg on Friday night.

Der Spiegel (German for the Mirror) is the German version of Time or Newsweek.  It’s the leading magazine of opinion in Germany.  There are several interesting things about this story.

First, the secret meeting may be occurring:

European finance officials are meeting in Luxembourg today for an unscheduled meeting, said two European officials familiar with the situation.

Second, everybody is denying the subject of the meeting and Athens is denying it:

UPDATE: Greece’s finance ministry has issued the following statement Friday evening, refuting a report today in Germany’s Der Spiegel that said the nation was mulling an exit from the Eurozone.

Here is the text of the OFFICIAL denial from the Greek finance ministry:

An article published today concerning the possible exit of Greece from the Eurozone is not only completely untrue but also written with incomprehensible flippancy despite repeated denials by the Greek Government as well as other EU Member States.

Such articles are not only provocative but also highly irresponsible as they undermine Greece’s efforts and those of the Eurozone and serve only the interests of speculators.

Does this sound like any kind of official denial?  Not to me.  I intend to monitor the situation.  The threat may be leverage to get a better deal.  If so, the other nations in trouble (Ireland, Portugal and maybe Spain) could do the same.

The Der Spiegel article says something ominous; member states may not be able to leave the eurozone once in it:

It remains unclear whether it would even be legally possible for Greece to depart from the euro zone. Legal experts believe it would also be necessary for the country to split from the European Union entirely in order to abandon the common currency. At the same time, it is questionable whether other members of the currency union would actually refuse to accept a unilateral exit from the euro zone by the government in Athens.

What could the other nations do?  I am sure there can be economic sanctions of some sort against Greece including restructuring the debt owed to the other euro nations.  This demonstrates why it is essential for our nation to get clear of our staggering debt.  Its a sovereignty issue.  This also demonstrates that we must not continue to treat the EU as our friend.  The US should help Greece regain its financial sovereignty.  But we will probably help the godfathers in the EU to place the horse’s head under the Greek bed.  Where’s Ulysses when you really need him!

If the Greeks leave the euro, it will be a huge blow to the globalists!  Let’s hope and pray it does!  I’ll let you know…



About Elwood Sanders

Elwood "Sandy" Sanders is a Hanover attorney who is an Appellate Procedure Consultant for Lantagne Legal Printing and has written ten scholarly legal articles. Sandy was also Virginia's first Appellate Defender and also helped bring curling in VA! (None of these titles imply any endorsement of Sanders’ views)

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Tom White Says:

Nothing is more conservative than a republican wanting to get their majority back. And nothing is more liberal than a republican WITH a majority.

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