S&P says likelihood of Greek exit from euro is one in three
Mon 10 Dec 2012
LONDON (SHARECAST) - The chance that Greece will leave the Eurozone is one in three, according to Standard & Poor’s (S&P) EMEA (Europe, the Middle East and Africa) ratings director Moritz Kraemer.
Kraemer told a press conference in Tel Aviv that the current Hellenic government was unlikely to change its game plan and decide to leave the monetary union.
Even if such a chance of stance were to occur, Kraemer discarded the idea that other Eurozone countries would follow suit. “If such a scenario would happen - and we give it a probability of one in three - […] the effect would be so negative that other countries would probably think twice about following,” he explained.
Greece continues to move forward with the final touches required in order to receive the next tranche of its bailout. The country’s public debt agency has pushed back the deadline for receiving offers on its bond buy-back plan until tomorrow at 12:00 London time.
Although government officials have said that the Dutch auction offer moved ahead satisfactorily, sources cited by Reuters said Athens is attempting to get offers for the full €30bn face value target in the buy-back.