April 6, 2015
Five years ago, Greece became the first member to endanger the survival of the eurozone, and now, once again, the Hellenic nation challenges the fundamental political, economic, institutional, and legal assumptions of the common currency's framework. Yet markets don't seem especially worried about a Grexit (partly because the European Central Bank's quantitative easing program has perverted markets).
Some respected analysts at banks and other research houses, however, are increasingly starting to worry. Barclays' Philippe Gudin wrote: "The risk of an accident is still very high in our view, which could imply a Greek default and even possibly a Greek exit from the single-currency union." Macropolis analyst Wolfgang Piccoli said "Greece's moment of truth is inexorably approaching...It is difficult to see how the situation could improve in the crucial weeks ahead."
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