IMF Signals Possibility of Greece’s Exit

The Greek situation deteriorated sharply and the IMF’s hint higher possibility that the debt-ridden country may leave the Eurozone triggered deposit withdrawal of around 700M euro. Financial markets tumbled with stocks, high-risk currencies and commodities plummeted. On a positive note, economy in the 17-nation Eurozone proved to be better than expected in 1Q12. Yet, leading indicators showed that the region would not escape from contraction in the second quarter. In the US, investors appeared to be encouraged by retail sales and manufacturing data. This gave some support to the market.

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IMF Signals Possibility of Greece’s Exit