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This is the only news we are likely to hear from Athens today. Now the bonfire is out, it’s time for a new coalition government to rise from the ashes...

The referendum is off and Papandreou is out. The EU has given Greece 24hours to explain how it will form a unity government before they can receive a crucial instalment of its bailout loan and avoid a near term default.

Italy the new Greece?

Now the fire has died down in Greece investor focus has shifted to Italy. Investors cut exposure to riskier assets as the debt crisis could engulf the Euros zone’s third biggest economy. Italy is now under pressure to restore its credibility in the financial markets. The yield on ten year Italian debt has risen to a high of 6.6%, around 4.8% above what Germany pays. This is unaffordable when their debt is at 120 percent of GDP; the country's debt problems would pose a much bigger risk to the financial markets than Greece does. The problem could be exacerbated by a lack of support from the EFSF which is not up and running yet and the International Monetary Fund whose funds have not been agreed yet. Christine Largarde, managing director of the IMF will also find it difficult to offer support to Italy as other IMF members such as China and Brazil want Europe to deal with their own problems and do not want to get involved.

Euro buyers are off to a good start this week as Euro weakness has propelled GBP/EUR to the higher levels we saw last week of €1.1677.

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