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Varoufakis reined in. Alexis Tsipras is reorganising his bailout negotiating team and has side-lined his finance minister after three months of fruitless talks with international creditors. George Chouliarakis, a professor at Manchester University will take a more prominent role in the negotiations to try and repair the battered relations between the Euro-Zone’s finance ministers in Riga, last Friday. The Athens stock market rose nearly 4.4 per cent on the news and borrowing costs on Greece’s July 2017 bonds were down almost 4 percentage points from Friday’s close to 21 per cent.
Brexit could hurt UK economy. With the announcement of how well the UK economy is performing being released today, the German research groups, Bertelsmann Foundation and Ifo Economic research institute, have claimed that a ‘Brexit’ could knock up to as much as 14% of the UK’s gross demoestic product by 2030. However, assuming there would be free trade agreements with the EU, real per capita GDP could end up only being affected by 0.6% - 3% over the same period. The reports also admitted that the UK leaving would be harmful for a lot of European economies – some (such as Ireland and Sweden) worse than others.
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