It looks like economically ailing Greece will stay in the Eurozone, despite its large debt and increasing drain on the European Union.
German Chancellor Angela Merkel had until recently been ready to drop Greece from the group of countries who share the same currency, the Euro. Germany has the strongest economy in the European Union and has the most influence over whether the bankrupt country of Greece stays.
Merkel now says she will wait to read the Troika report, a report being compiled by the European Commission, the International Monetary Fund, and the European Central Bank, before deciding on whether Greece should stay a Euro county.
It is commonly believed that the Troika Report will conclude that Greece should stay in an effort to avoid an economic cataclysm in Europe, much like what happened when the Lehman Brothers were allowed to fail in the United States, triggering a financial collapse there.
If Greece is allowed to stay in the Eurozone, it will open the way for money to flow to the country in a bid to help in its recovery.
Meanwhile, Merkel continues to oppose a third party, outside source of funding for Greece, preferring to have the aid come from within the European Union.
Merkel changed her mind about Greece after enormous political pressure and a visit from Greece’s Prime Minister Samaras recently. It is expected for Merkel not to make any large policy decisions regarding Greece until after the German elections in 2013.
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