BRUSSELS (Reuters) - Each euro zone country will have to prepare a contingency plan for the eventuality of Greece leaving the single currency, euro zone sources said on Wednesday. Officials reached the consensus on Monday afternoon during an hour-long teleconference of the Eurogroup Working Group (EWG). As well as confirmation from three euro zone officials, Reuters has seen a memo drawn up by one member state detailing some of the elements that euro zone countries should consider. ...
The threat of a financial crisis spreading from Europe shook markets on Wednesday. The euro dropped to a nearly two-year low against the dollar. Oil prices sank to their lowest this year, and stocks took another fall.
Stock markets were hit hard and the euro skidded down to near 22-month lows against the dollar Wednesday as investors grew increasingly skeptical that European Union leaders will be able to cobble together a plan to kick-start the region's faltering economy and deal with its crippling debt.