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Greece Staying In Euro Faces Double Risk

Government’s failure to comply with its obligations under the MoU and EU leaders’ inability to reach bold decisions, keep open the possibility of Greece exiting the Eurozone.
Yesterday’s statement by the President of European Commission Jose Manuel Barroso that Europe should think about a Greek exit, if the country fails to comply with its obligations, has interpreted in many ways. Several officials said that he was referring to Germany, as he said that it would be a bad signal to the markets, if Eurozone loses one of its members.
Other estimated that it was a clear warning to the Greek government. They pointed out that at present, Europe estimates that the cost of Greece’s exit would be higher and might drag other countries. However, correlations may change in the future.
Government officials, who are in charge of negotiations abroad, fear an “accident”. The biggest risk is a no decision on Friday. Even if Greece meets lenders’ demands, the actual condition is Europe to remain robust and steer clear of markets vortex.
Domestically, the government promotes the new multi-bill, while the Troika’s senior officials and EU Task Force arrive on Monday.
The international inspectors expressed doubts about whether the coalition government could implement so many reforms in so little time.
If Greece fails to do so, all scenarios remain open for the future of the country and its currency. Greece should meet its obligations in several critical fields such as tax evasion, cost cutting, privatization, closed professions, absorption of NSRF funds.
(source: capital)

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