Although the latest wranglings over Greece’s short-term financing needs have so far elicited little response from markets outside Greece, this calm may not last. As the German rebuff of Greece’s latest proposal underlines, the risk of Greece leaving the euro-zone remains high. (For detailed analysis, see our European Service.) What’s more, the mechanisms in place to prevent contagion are not as robust as many think, so we would expect to see a seismic reaction across global markets.
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