Eurozone’s dark days

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What should market participants in Asia make of the Greek debt debacle? Short term, not a lot has changed. Greece did not default on its €8.5 billion, 10-year bond repayment that was due on May 19, despite losing its investment-grade status when rating agency Standard & Poor’s (S&P) downgraded Greece to BB+ from BBB– on April 27.

Greece’s immediate problems were never viewed as sufficiently large to immediately threaten the viability of the euro, which its non-payment of debt would have called

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