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ATHENS – With the Eurozone having put more safeguards in place, Greek Prime Minister Alexis Tsipras’ warning the country could be forced out of the Eurozone without a deal from international lenders is getting a big yawn.

Tsipras was banking on the troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) blinking on fears of a so-called Grexit, but they’ve just kept the pressure on him to impose reforms if he wants to get more money.

The Bloomberg news agency noted that stalled talks haven’t put jitters in the market, “showing limited contagion compared with the blowout in borrowing costs they suffered when Greece last faced a euro-area exit in 2012.”

Te European Central Bank’s Quantitative-Easing Program (QPE) is holding down borrowing costs for the euro area’s indebted nations, taking the rug out from under Tsipras who said if Greece goes under then the Eurozone would too.

Without QE “they would have had more cards up their sleeve there’s no doubt,” Marc Ostwald, a strategist at ADM Investor Services International Ltd. in London, told the news agency. “Contagion risk has been contained by a number of factors but the primary one is the ECB purchases.”

The post Tsipras Loses Grexit Poker Chip appeared first on The National Herald.

Source: The National Herald
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