YIKES

Report: Euro Zone Prepping Greek Exit

Germany’s largest bank says austerity not crucial.

Euro-zone officials have told the currency members to prepare contingency plans should Greece exit the euro, sources told Reuters on Wednesday. Officials said experts who work for the currency bloc’s finance ministers said that each country should prepare an individual contingency plan should Greece exit the euro. Meanwhile, Germany’s largest bank, Bundesbank, said Wednesday that the 17-country euro zone would be able to cope if Greece does not implement austerity measures—something that the European Union has been saying is not an option. Bundesbank wrote in its monthly report that though the situation with Greece is “worrying,” the challenges, while “significant,” will be “manageable.”