Greece problem continues to grip euro zone

Mounting concern about Greece's seemingly inevitable exit from the euro zone has plunged markets into further turmoil.

Global share indexes are firmly in the red for the third straight day – and the single currency itself is losing value at an alarming rate as investors seek sanctuary elsewhere.

This morning, the euro fell more than a half a cent to $1.27. Against the pound, it was under 80p.

With no way of forming a government following last week's elections, Greece will once again go to the polls next month.

But with anti-austerity parties receiving most of the popular vote, the chances of Greece exiting the single currency are increasing by the hour.

Key members of the euro zone have ruled out any renegotiation of Greece's loan payment terms.

As such, it seems more a case of when, rather than if, Greece leaves – and the impact on the rest of the euro zone is set to be seismic.


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