Greece has a 90 per cent chance of leaving the euro within 18 months, according to a statement released today by Citigroup.
European Commission president Jose Manuel arrived in Athens today for crucial talks about how to proceed with the country’s bail out programme. Representatives from the European Central Bank (ECB), and the International Monetary Fund (IMF) were also set to attend talks this week.
The Greeks are continuing to pull money out of banks at a rapid rate, this morning’s figures from the ECB indicate.
Deposit data for June revealed private-sector deposits fell almost five per cent to €156bn in June, following a similar decrease in May.
Greek banks have lost 30 per cent of deposits since late 2009.
Meanwhile, Spain’s ten year bond yields have eased off somewhat to 7.27 per cent, while Italy’s remain flat at 6.4 per cent.
Across the rest of Europe, Ireland posted a 2pc deposit decline, while private-sector deposits in Spain fell to their lowest level since July 2008.
The regional leader of Asturias in Spain has become the country’s first major figure to call for a radical change of strategy and exit from the euro, unless monetary union is fundamentally reformed
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