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Greece denies Eurozone exit plan

2012-08-16 3 Dailymotion

George Papandreou, the Greek prime minister, is denying his country is getting ready to leave the Eurozone.<br /><br />Rumours that Athens was quitting the single currency has lead to a fall in the value of the Euro.<br /><br />Finance Ministers from the Eurozone's biggest economies have been holding talks on Greece's debt crisis.<br /><br />Greece's sovereign debt stands at $470bn. That is more than a year-and-a-half of its entire economic output. <br /><br />The European Union and the International Monetary Fund agreed a loan of $160bn in May last year. The terms were eased in the spring. <br /><br />But the financial markets consider the high repayments as unsustainable, leading to growing fears of a default. That could spell disaster for the Eurozone. <br /><br />Al Jazeera's Tim Friend has more.

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