Debt crisis: German finance ministry examines cost of Greek exit

"Colleagues are making calculations about the financial consequences [of an exit] and are considering how a domino effect on other euro member states might be prevented," it quoted a finance industry source as saying.

The ten-member working group, which is made up of officials from various finance ministry departments, wanted to be fully prepared for a possible "negative scenario," the source added.

Last week, German finance minister Wolfgang Schaeuble said it would be ?stupid? not to make contingency plans in case Europe's rescue efforts failed, adding that the debt crisis must not become a ?bottomless pit? for Germany.

Mrs Merkel is expected to urge Greek prime minister Antonis Samaras to stick with tough reforms aimed at putting the country's public finances back on a sustainable path when the two leaders meet in Berlin this afternoon.

Following a meeting with French president Francois Hollande on Thursday, the German Chancellor said: "It?s important to me that we all stand by our obligations and wait for the troika report and see what the result is.

"I will encourage Greece to pursue the path of reform that demands a lot from the people."

Earlier this week, Mr Samaras told German daily Bild that Greece need "room to breathe" on its austerity targets, as he warned that a Greek exit from the eurozone could end democracy in the country.

Source: http://telegraph.feedsportal.com/c/32726/f/579300/s/22af80ab/l/0L0Stelegraph0O0Cfinance0Cfinancialcrisis0C94963970CDebt0Ecrisis0EGerman0Efinance0Eministry0Eexamines0Ecost0Eof0EGreek0Eexit0Bhtml/story01.htm

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