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Paddy Power Has Greece at 4/1 to Abandon the Euro
- January 29, 2015 By Nemanja L. -
Ireland’s most famous bookmaker Paddy Power has created a new market that allows their customers to bet on whether or not Greece will drop the Euro currency in the light of the latest developments in the country.
As expected, radical left wing party Syriza won the national elections on Sunday, with Alexis Tsipras inaugurated as the new Prime Minister. And with the up-and-coming politician making it clear that Greece has no plans to adhere to the current bailout terms, it is hardly surprising that Paddy Power has opened betting on the country’s future within the European Union.
Syriza has quickly formed a coalition with Independent Greek’s party, which has only added fuel to speculation regarding the Euro as the national currency.
While the new government has no plans for the country to leave the European Union at the moment, they do not want to pay the high interest rates any more and hope to have the current bailout terms eased off.
Greece is now set to embark on a real battle with the EU and International Monetary Fund as the government wants the austerity measures to be revised, while their creditors are not exactly prepared to make major concessions.
Greece’s Debt is 170% of GDP
The South European country has received €240 billion in emergency loans since 2010 and their current debt stands at around 170% of GDP. The first task of the new leaders is to have the current bailout extended, with the deadline being 28th February.
The country finally enjoyed a slight growth last year after five years of recession, and Syriza wants to further increase the growth by reversing most structural reforms Greece had to undertake as part of the bailout agreement.
Will Greece Drop the Euro Currency?
And while there is currently no danger of the country leaving the European Union, there is a chance they could abandon the Euro in the future, with Paddy Power quoting 4/1 price on the Euro to be dropped within the next four years.
There is no denying that the region that was the birthplace of democracy and the Olympic Games faces a period that could determine the long-term future of the country and its residents, but it remains to be seen whether Prime Minister Alexis Tsipras can put his ambitious plans into action.