Risk firm downgrades gloom on Greek exit

European stocks would fall by about 5 per cent and the cost of insuring bank bonds would rocket by 30 per cent if Greece left the eurozone, it has been claimed.

26th May, 2012
Alexis Tsipras, leader of the left-wing anti-bailout party Syriza, greets supporters in Athens last week. Photo: AFP

European stocks would fall by about 5 per cent and the cost of insuring bank bonds would rocket by 30 per cent if Greece left the euro zone, according to a scenario modelling exercise by risk management firm SunGard.

The analysis also predicted that the euro would strengthen by 5 per cent without Greece, which would reverse some of the recent weakness in the single currency - to the detriment of Irish export firms with UK and...

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