Greece Applies Pressure

Greece, very aware that its likely departure from the Euro would cause political havoc in Europe, has issued a thinly veiled threat to its creditors that if an agreement is not reached with them wrt the second Euro130BN bailout, then it will leave the Euro.

A Greek spokesman Pantelis Kapsis told Skai TV:

"The bailout agreement needs to be signed otherwise we will be out of the markets, out of the euro.

The situation will be much worse."

Details of the rescue plan need to be agreed and finalised before a major bond redemption in March this year.

To my view both Europe and Greece would be better off if Greece did leave the Euro.