Greece: heading for the exit?

Since the end of the first quarter of 2012 the growth outlook in Europe has deteriorated further. There has also been some evidence of a slowdown in the US and China. Again this has heightened concerns about peripheral government debt and the banks in Europe. The growth versus austerity debate is becoming increasingly strident. Elections in Greece and France have been interpreted as making a Greek exit from the eurozone more likely and a galvanised political response to the crisis less likely. This time the panic has shifted to Spain which is struggling to stay within its agreed auste...