Anyone expecting to see a spectacular headline announcing Greece’s return to the drachma might have to hold their breath. Speaking after an informal EU dinner meeting in Brussels last night, European Council President Herman Van Rompuy said, “We want Greece to remain in the euro area while respecting its commitments,” the BBC reports.
Greece is set to hold general elections on Jun. 17, after parties were incapable of forming a government following elections on May 6. An emergency EU meeting will follow within days.
Meanwhile, there is little incentive for Greece to stay in the eurozone. A new survey has found that businesses’ confidence in Europe is at its lowest point in 22 months. The bloc’s two main political figures, Germany’s Angela Merkel and the French François Hollande, can’t agree on a strategy to get out of the slump. And to further sour things for the continent, today the UK woke up to news that its own recession is worse than was expected.