With or without referendum, Greece may still leave the euro

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The EU leaders participating in the G20 meeting have openly admitted that it might be necessary for Greece to leave the eurozone; this comment was released despite the Greek minister George Papandreu’s decision to abandon the plans to hold a referendum on Athens’s bailout package.

If the referendum had gone ahead it would have certainly sealed the fate of whether Greece would be staying in the eurozone, however it seems that even without referendum, Greece’s future in the single currency is not secure.

Pending the vote of confidence in Athens this evening, investors continue to demonstrate the saintly patience that has provided the euro with surprising resilience during this latest phase of the crisis. In the last 24 hours it has strengthened by a cent and a half against the US dollar and by one percent against the yen. The euro is fairing fractionally better against the pound.

The euros performance is all the more surprising in view of the interest rate cut delivered by the European Central Bank (ECB) yesterday. Whilst there had been the possibility of a cut this month most analysts had expected it to come in December, if only to allow the new ECB president, Mario Draghi, to show he was not a wimp on inflation. Following the cut from 1.5 to 1.25 percent, all investors can be sure of is that he has bigger fish to fry.

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With or without referendum, Greece may still leave the euro

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