Is The Eurozone On The Verge Of A “Grexit”?
The Eurozone Summit has continued late into the night today as the fate of Greece hangs uncertainly in the balance. Greece requires a third bailout and debt relief from its European creditors if they are to stay in the Eurozone.
The Eurozone has insisted on severe austerity measures if Greece is going to get the estimated 96 billion dollars it needs to survive. If Greece’s creditors fail to agree on a bailout, Greece will be forced to leave the Eurozone and this phenomenon is already being referred to as the “Grexit”.
Emergency meetings in Brussels haven’t revealed one way or the other where the pendulum will swing. Regardless, there are fears that an exit from the Europe will trigger uncertainty on some of the weaker Eurozone economies.