CANNES, France — Finance Minister Jim Flaherty says it's "reasonably possible" that Greece will leave the eurozone, dropping the common currency, and that it's necessary for world leaders to prepare a "Plan B" for that scenario.
Speaking to Bloomberg TV on Thursday, Flaherty sounded much less upbeat than his boss, Prime Minister Stephen Harper, who a day earlier had predicted that "cooler heads will prevail" in the crisis and that Greece would accept the recent bailout package it has been offered.
http://www.vancouversun.com/business/Greece+could+forced+from+eurozone+Flaherty/5657905/story.html
Canada's Flaherty on G-20 Progress, Greece, Euro
Friday, 4 November 2011
But within the IMF, the powers have shifted.
Until two years ago, the IMF — dominated by the traditional powers in Europe and the U.S. — mostly applied the painful adjustment programs that are attached to its financial lifelines to poor and emerging economies in Asia, Latin America and Africa.
Now, it’s growing powers like China, Brazil and South Africa that have to decide whether helping Europe is a worthy investment.
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