Talk of a Greek Eurozone exit is back on the table as Athens awoke Tuesday paralyzed by a 48-hour strike called by the country’s two largest labor unions. With the Administration of Antonis Samaras struggling to pass further austerity cuts needed to secure the next tranche of bailout money, and with Athens negotiating a two-year extension to the tough bailout targets imposed by the Troika, political risk is once again threatening the relative tranquility that has blanketed Europe for the past couple of months. Given the Eurozone's size and global interconnectedness, any major setback may well translate into a huge blow to the global economy.
|