Do not trust markets on Grexit

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From the FT:

Athens is to submit a new proposal to eurozone authorities for a third bailout by Wednesday morning after Greek negotiators stunned some eurozone finance ministers by arriving at their meeting without a revised economic reform proposal.

Despite the apparently abortive start to what had been billed as a last-ditch effort to salvage Greece’s place in the eurozone, eurozone officials said they drew some comfort from Euclid Tsakalotos, the new Greek finance minister, who made a strong presentation to his counterparts.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.