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Imerisia - Greece | Monday, September 10, 2012

ECB averts danger of Grexit for now

Greece's prospects suddenly look much brighter after the ECB's decision to purchase government bonds, business paper Imerisia writes: "The intervention by ECB head Mario Draghi has changed the outlook for Athens. True, it's not a wave of the magic wand that brings us back to 2009, when the crisis hadn't yet started. Nevertheless it is true that the ongoing uncertainty over whether our country would remain in the Eurozone has rendered our situation highly unstable. Now the ECB's measures are aimed at reducing this instability. ... For Draghi, Hollande, Monti and Rajoy, stabilising Greece politically and socially represents an enormous challenge. Because Greece is one small stone in a huge edifice, and if it's removed the entire house could come down."

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