Grexit risk draws global concern on warnings of Lehman echo


A COUNTRY accounting for less than 0.4 per cent of the world economy is again rattling those responsible for three-quarters of it.

Greece topped the list of worries for finance ministers and central bankers from the Group of 20 (G-20) as they started talks in Istanbul on Monday, with concern rising that the Mediterranean nation's membership of the euro has never been more tenuous.

Although global economic growth and Europe's defences are both stronger than when Greece flirted with exit from the single currency three years ago, leaving now would still shock financial markets. That could trigger a flight from risk by investors, bank runs and another downturn in European demand.

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