Global rating agency Standard & Poor’s believes there is a greater than 50/50 chance of Greece leaving the euro or a “Grexit.” While there is a “whiff of optimism” that a deal will be struck between Greece and its creditors, S&P sovereign rating managing director Moritz Kramer says time is running out with a 3.5 billion euros loan due to repaid on July 20. “Clearly the money is not there,” he told a live webcast on the Greek debt crisis later on Tuesday ahead of a crucial meeting in Europe between finance ministers and Greece. Mr. Kramer warned that the problems facing China were a bigger threat to the global economic outlook than events in Greece. (source: AAP)
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