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As was initially suggested, Greece in the short term has done its best to gain the help required to avoid a disorderly default. However, long term a default still looks more than likely. Rating’s agency Moody’s has backed this up by cutting Greece’s credit rating another three notches from Caa1 to Ca. This just two notches shy of a default rating. Ironically, whilst this does not reflect well on Greece, by avoiding a messy default, the euro will look to benefit.

Trichet, in all his wealth of knowledge is now beginning to sound like a CD on repeat. “No Default, No Default…” and so it continues… Top economists are maintaining their stance on views that Greece will default. This, to them is a given. However, more worryingly for the Eurozone is their view that the single currency has a “smaller than evens” chance of surviving beyond the next four years. Last weeks groundbreaking deal struck by policymakers was seen as a resounding success. Yet, now the champagne and caviar has ceased a demonic hangover has surely set in giving way to talk of defaults, contagion and all out chaos on the continent.

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