“Derrick also believes the loosening of conditionality rules will set the stage for Italy to request support. “Should this happen then over one third of the members of the area will have had to seek support in one form or another,” said Derrick, who notes absolutely nothing has been done overnight to address the problems facing Greece.
“With the nation reportedly set to run out of money on July 20 and German officials warning yesterday that the troika’s audit of Greece’s performance will likely take weeks rather than days, this remains a non-trivial risk,” said Derrick.
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