The Coming Crisis: (Reuters) - European officials are working on contingency plans in case Greece bombs out of the euro zone, the EU's trade commissioner said on Friday, while Berlin said it was prepared for all eventualities. European shares were on course for their steepest weekly decline since November and are now in the red for the year, spooked by the prospect of a Greek euro exit sparking a wave of contagion in the currency bloc which could engulf much larger economies such as Spain's. Policymakers insist they want Greece to remain in the euro zone but European Union trade commissioner Karel De Gucht said the European Commission and the European Central Bank were working on scenarios in case it has to leave. "A year and a half ago there maybe was a risk of a domino effect," De Gucht told Belgium's Dutch-language newspaper De Standaard, in comments confirmed by a person close to him. "But today there are in the European Central Bank, as well as in the Commission, services working on emergency scenarios if Greece shouldn't make it. A Greek exit does not mean the end of the euro, as some claim."Source: The Coming Crisis
