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Given that Britain was a member of the 28-nation European Union but not of the Eurozone — it retains its own currency, the British pound — the ECB ruling could have forced tens of trillions of dollars in currency and securities trading to leave London and move to Ireland or the Continent.
Just as Germany has sought to impose its economic preferences on the rest of the eurozone, it is now also likely to seek to impose its political preferences, based on the lessons it has drawn from its own history.
If Greece defaults on its debt and leaves the eurozone it makes investors increasingly nervous about the likelihood of other highly indebted nations, such as Italy, or those with weak economies, such as Spain, repaying their debts or even staying inside the euro.
Some of its of the banks were pretty stupid and, as the strong man of the eurozone, it has been riven by rows over its taxpayers having to bail out weaker nations such as Greece.
While GDP in the UK and US is now above its pre-crisis level, in the Eurozone it is still languishing below.
"If the economy is to function again and the country to remain in the eurozone it has to be absolved of at least 50% of its debt.
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Greece has been loaned €240bn (£182bn) to save it from bankruptcy and to keep it inside the eurozone, but it came with conditions.
The EU issued a stiff statement that Greece would risk its place in the eurozone if it fails to meet its austerity and debt commitments.
Greece does not automatically leave the eurozone if it defaults on its debts.
This may seem like good news for Germany's struggling "partners" in the eurozone, as it will reduce its competitiveness.
He said he believed Greece would be able to stay in the eurozone if it stood by its commitments.
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