Germany seems prepared to take the risk on Greece leaving the eurozone – but a Grexit would have unknown consequences for the single currency’s survivalNever ignore eurozone leaders’ capacity to conjure a fudged deal at the 11th hour. For all that, the astonishing yield of 25% on three-year Greek government debt is sending a clear message. The home straight has arrived and the choice for Athens and the governing Syriza party is becoming simple: capitulate to the rest of the eurozone’s demands for economic reforms, or leave the euro.“Nobody expects that there will be a solution,” said Germany’s finance minister, Wolfgang Schäuble, on Wednesday, referring to next week’s meetings in Riga, billed as a make-or-break moment for agreement on releasing bailout cash to Athens. Ten days ahead of talks, the remark amounted to yet another reminder from Schäuble that Germany thinks the eurozone could cope with the fallout from a Greek exit. Continue reading...
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