Eurozone members advised to make plans for possible Greek exit

24 May 2012 11:09  [Source: ICIS news]

LONDON (ICIS)--Eurozone countries have been advised to draw up plans to handle the possible exit of Greece from the single currency, after leaders at an EU summit in Brussels, Belguim, which ended on Thursday morning, failed to agree on a resolution to fix the continued economic crisis in Europe.

Although leaders said they want Greece to remain in the eurozone, no concrete initiative was agreed and the risk of the country exiting is increasing.

Many EU leaders stressed the importance for each member country to create a contingency plan to prepare for the concequences of Greece pulling out of the euro.

At 09:35 GMT, the UK’s FTSE 100 was up by 0.21%, Germany’s DAX had fallen by 0.03%, and the CAC 40 in France was down by 0.12%.

At the same time, the Dow Jones Euro Stoxx Chemicals index was down by 0.60%, as shares in many of Europe’s major chemical companies fell from the previous close.

Petrochemical major BASF’s shares had fallen by 0.69%, while fellow Germany-based chemical company Bayer’s shares were trading down by 1.63%.

Switzerland-based company Clariant’s shares were trading down by 1.34% from the previous close, France specialty chemical group Arkema's shares were trading 1.83% lower from the previous close, while Norway-based fertilizer producer Yara International's shares were trading lower by 0.43% on the previous close.

By: Franco Capaldo
+44 (0)20 8652 3214

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