European countries have begun devising contingency measures to address Greece’s possible exit from the euro zone.

The Wall Street Journal said Thursday that the contingency plans are expected to include ways for European countries to minimize the effects Greece’s withdrawal from the euro zone could have on the banking sector and bond markets.

The daily added that the plans are also likely to include measures on continuously providing minimum support to Greece’s government and banking system so that the Greek economy would not completely crumble.

Meanwhile, on Thursday European stock prices rallied sharply and the Dow Jones Industrial Average on the New York Stock Exchange jumped amid expectations that a plan could emerge on boosting Europe’s economy.