REPORT: The ECB is preparing for Grexit

Greece parthenon eu grexitREUTERS/Alkis KonstantinidisA European Union flag flutters in front of the Parthenon temple in Athens February 19, 2015.

The ECB is making preparations again for a Greek exit from the euro, according to German news magazine Der Spiegel.

The article is here and so far it’s light on detail.

A rough English translation from the piece is here:

The European Central Bank (ECB) is preparing for a Greek exit from the monetary union… Information obtained by SPIEGEL, an internal simulation games how the rest of the euro zone could be held together.

This comes just a day after another German media source said that the ECB wanted capital controls to be brought in to halt any potential capital flight from Greece.

Back in 2012, during the worst days of the euro crisis, the ECB was undoubtedly planning how Greece would manage an exit from the eurozone, despite denials at the time. The Financial Times unearthed what became known as “Plan Z”, the top secret blueprints for what a Greek exit (Grexit) might look like.

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