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Greek Minister brands devaluation a 'gimmick'

Greek Minister brands devaluation a 'gimmick'
The Greek minister for International Economic Relations has denied leaving the eurozone is the best option for Greece after the latest talks to form a Coalition Government failed.

Speaking to Pienaar's Politics Constantine Papadopoulos said it would be "much, much worse" if Greece leaves the Eurozone and insisted any perceived benefits of a devaluation would be a "gimmick".

"Devaluation is not the answer to our problems, our problems have to be solved - directly addressed - at the source of what is behind our lack of competitiveness. Devaluation, given the circumstances here, is a gimmick."

Business Secretary Vince Cable has said the UK “must hope” the eurozone’s firewalls against default are strong enough to prevent contagion should Greece leave the monetary union.

"The problem would affect us if it spread, if you had these contagion effects in Italy and Spain... half of our exports go to the eurozone countries, our banks are quite substantially exposed to those countries.”

Greece's President will meet leaders of the countries smaller parties to thrash out a coalition deal after talks with the three main parties failed.

Alexis Tsipras of the far-left Syriza refused to form a coalition with the conservative New Democracy, or the socialist Pasok leaving talks in deadlock after the country's inconclusive general election last week.

Karolos Papoulias hoped the three would reach a deal but it appears there will now have to be a fresh election, which pollsters believe could mean an anti-austerity party taking charge, and possibly resulting in a Greek withdrawal from the eurozone.

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