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Natixis’ Patrick Artus writes for IFR on Greece and the ruin of Europe

PatrickArtusWriting for IFR, Artus examines the unprecedented events that have unravelled in Europe over the past fortnight and how the Greek crisis may impact Europe’s economic recovery. Indeed, bank closures, capital controls, the first IMF default by a developed country, the collapse of two multi-billion euro bail-out and, of course, Greece’s landslide “No” vote to the ECB’s austerity terms in Sunday’s referendum has unleashed a seismic political shift that could derail the European project. Certainly, brinkmanship and crises are inevitable in such a union, but if the current Greek crisis and subsequent deterioration in the financial markets continue, Artus argues that the adverse impact on Europe’s wider economic recovery will be sufficient to pull the region back into recession.

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