Reuters reports exclusively that European Union officials were working on a contingency plan for Greece

Reuters reported exclusively on June 27 that European Union officials were working on a contingency plan for Greece in case its parliament rejected a new austerity programme, which could prevent it from obtaining a next tranche of international aid and lead to a debt default. EU officials had publicly denied there was any such “Plan B” but Reuters correspondents Luke Baker and Julien Toyer established that governments were putting together alternative ways to channel financing to Greece and limit the damage to markets from any parliamentary “no vote”. Bund yields, which had earlier in the day hit their lowest levels in seven months because of worries about Greece, rose after the Reuters story, beginning an extended climb that lasted for several days. The Reuters story, which was widely picked up by other media including the Financial Times, prompted European Union Economic and Monetary Affairs Commissioner Olli Rehn to issue a statement on the next day.