European FMs rule out a ‘Grexit’

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Discussions of a Greek euro exit, or a Grexit, have become more prominent in Brussels after Greek leaders failed to form a coalition government since elections were held on 6th of May. But eurozone finance ministers on Monday reaffirmed their commitments to keep Greece in the euro zone.

But the EU also warned the Greek authorities that the austerity measures agreed need to be implemented. Greece is due to receive a second bailout in early June in order to avoid default.

For the first time since the crisis erupted, President of the European Commission Jose Manuel Barroso admitted that it would be better for Greece to leave the euro zone if it was unable to meet its obligations.

The Greek president has proposed to form a technocrat government amongst the skepticism of the Greek people. New elections now look almost certain. According to the latest polls, anti-austerity radical-left coalition party Syriza would become the main political force.

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