The Greek crisis has intensified, with last week’s Eurogroup meeting offering little hope of near-term financial support and the Government resorting to reserves held at the IMF to make a loan repayment to the Fund itself. Meanwhile, data for Q1 confirmed that Greece is back in recession, highlighting that the budget targets on which its bailout is conditioned will be impossible to achieve. A referendum may soon be called, possibly resulting in a Greek exit from the euro-zone.
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