Markets down over Greece's euro exit fears, analysts

(9 May 2011) Athens 1. Wide of monument dedicated to the drachma, Greece's currency before switching to the euro 2. Close-up of writing on monument reading (Greek) "One Drachma" 3. SOUNDBITE (Greek) Vangelis ( last name not given), pensioner: "Unfortunately the euro dragged Greece into an awful fate, into poverty. We waited that with the euro, people would be more prosperous, to have jobs and we see that there's two million (m) unemployed. For me the drachma was better." 4. People passing by monument 5. SOUNDBITE (Greek) Nikos Merabolios, vox pop: (Reacting to representatives of the International Monetary Fund, European Central Bank and European Commission coming to Greece for an inspection this week) "We need to shut the door to prevent them from coming into Greece." 6. Wide of newspaper kiosk 7. Close-up of headline reading (Greek) "A new crime by George: he took out a gun to frighten our lenders and instead shot Greece." 8. Mid of man at kiosk 9. Pigeons at the square 10. Wide of stock market ticker with sculpture above ticker 11. Various of ticker 12. Set up of economist Vagelis Agapitos in office 13. SOUNDBITE (English) Vagelis Agapitos, economist: "When you have an unreliable country, the only salvation is that you have a reliable currency, so you're not going to abandon the one reliable piece of tool or equipment that you have in these uncertain and difficult times." 14. Cutaway close-up hands on computer keyboard 15. SOUNDBITE (English) Vagelis Agapitos, economist: "I think they're going to be hitting the immediate areas of privatisations and reducing the debt burden. They're going to be hitting the area of government expenditure which remains very high, while also questioning the ability of the government to bring additional tax revenues given the recession and the difficult state of the Greek economy at the moment." Frankfurt 16. Various trading floor Frankfurt Stock Exchange 17. SOUNDBITE (German) Oliver Roth, Director of Trade, Close Brothers Seydler Bank AG: "It would be the worst case scenario if Greece would leave the euro. I think there should be an attempt to solve the problem in an orderly fashion, meaning that the situation in Greece has to be under control the whole time, there has to be restructuring and if that is done and if that is well coordinated, it can be done with limited damage. If Greece is going to leave the euro, which they can only do voluntarily, is up to them, in the long term the economical situation, the competitiveness could be improved." 18. Various of stock exchange trading floor STORYLINE: Greeks on Monday lamented their old currency after a report, which was refuted by the government, said the country had sought to leave the euro. Pensioner Vangelis said the euro had "dragged Greece into an awful fate, into poverty," and that the country had been better off with the drachma. The euro steadied on Monday as a string of official denials calmed investor fears of a Greek exit from the common currency. It became increasingly apparent, however, that Greece will need to ask for more money or easier terms for paying back a 110 (b) billion euro (160 billion US dollar) European Union and International Monetary Fund bailout package it was given last May. Economist Vagelis Agapitos said it would be harmful for Greece to go back to its old currency. "When you have an unreliable country, the only salvation is that you have a reliable currency, so you're not going to abandon the one reliable piece of tool or equipment that you have in these uncertain and difficult times." A debt restructuring could be more efficient. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter:   / ap_archive   Facebook:   / aparchives   ​​ Instagram:   / apnews   You can license this story through AP Archive: http://www.aparchive.com/metadata/you...