ATHENS, Greece, May 6 (UPI) -- Greece is considering withdrawing from the eurozone and reinstating its own currency, German publication Der Spiegel reported Friday.
Citing people familiar with the situation, Der Spiegel reported Prime Minister George Papandreou is considering the option in face of Greece's massive economic problems.
A spokesman for the Greek Embassy in Washington called abandoning the euro "absurd" and "out of the question," MarketWatch.com reported. The spokesman said no mechanism was in place even if the country wanted to leave the eurozone.
The European Commission called a crisis meeting of eurozone ministers to discuss the matter in Luxembourg, sources said.
German Finance Minister Wolfgang Schauble indicated he would bring to the meeting an internal paper prepared by experts within his ministry warning of possible ill effects should Greece drop the euro, Der Spiegel said.
"It would lead to a considerable devaluation of the new [Greek] domestic currency against the euro," the paper said.
German Finance Ministry estimates indicate the currency could lose as much as 50 percent of its value, resulting in a skyrocketing increase in Greek national debt.
