So the Greeks voted to stay in the €. That at least is the spin that the French and German newspapers have put on yesterdays vote for New Democracy. The reality is that the new Greek government lacks a mandate to implement further austerity . It relies heavily on the vote of the over 50's. The under 50's voted for renegotiating the measures agreed with the ECB , IMF and EU. This morning the view in Athens amongst the leading pollsters is that new elections, with a very different outcome , will follow early next year .
The conclusion must be that the Euro will hold together for the rest of this year. In 2013 it now appears almost certain that Greece will drift out of the common currency . After all New Democracy is the governing party that got Greece into this mess and which has been irritatingly slow in applying the reforms that the ECB and European Commission have asked for . The long expected Grexit scenario still is in play .