With the close of the 2014-2015 financial year, markets have become focused on the global ramifications of the Greek debt crisis/potential exit of the Euro and more locally the ramifications of a Chinese slow down. While normally it is trite to be permanently pessimistic, the current situation is significant in that the possibility of asset price contagion is relatively high: UBS forecasts a 40% chance of ‘GREXIT’ and if this were to arise then a further 40% chance of ‘severe contagion’.*
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