European Leaders, Technocrats, and ECB Work to Keep Greece inside the Euro.

As the voters speak, the defining issues for Europe are coming into focus. European political leaders, European Union (EU) technocrats, and the European Central Bank (ECB) are going to pull out all the stops to keep Greece inside the euro. There is still a material probability, say 5% to 15%, that Greece will exit the euro over the next 18 months, should the official efforts to avoid perceived disaster fail. What has changed is the growing realization among those that govern Europe’s nations and those that run its official financial institutions that a Greek exit from the euro would be catastrophic for their own careers. Voters across Europe have developed a propensity for removing from office those leaders on whose watch financial disaster has struck. If Greece leaves the euro, billions upon billions of euro, already lent to Greece as part of the bailout will go up in smoke, and the carnage in political and technocrat circles could be huge, let alone the severe implications for the European economy and its financial system.

Read Full Report