Picture: www.imerisia.gr
Financiers of the Swiss banking giant had a lot of work in 2012, engaged in disaster scenarios about the Eurozone, which foresaw Greece as the final stop. UBS believed that the Greek debt could not survive and would inevitably require a new restructuring, probably in 2013. Last April, this meant that "Greece will have to leave the Eurozone." The last meeting of the Eurogroup and the change in Greece's rating by S&P disproved the bank. And, despite the great negative impact on its reputation, it had more serious problems - the bank will have to pay fines amounting to 1.5 billion dollars, since it was involved in the manipulation of interbank rates on the London market (Libor) ...
CITIGROUP
"A 90% probability that Greece will leave the Eurozone"
Last September, the American banking giant published a report expressing the opinion that "there is a 90% probability that Greece will exit the euro in the next six months." It did not rule out the possibility that this might happen as early as in September-October, if the Troika's assessment of Greek reforms shows that the Greek financial adjustment programme failed. This projection has two more months to come true ...
JPMORGAN
"The likelihood of Greece's exit from the Eurozone is 50%"
The political crisis in May led analysts at JPMorgan toi accept the Grexit scenario. As they emphasised, the probability that Greece will leave the Eurozone rose to 50% from 20% before the elections in May. This prognosis remained high until the autumn, when JPMorgan decided to recede the Grexit scenario, replacing it with one of its terms - Grimbo, a combination of the English words Greece and limbo (uncertainty, obligation). These terms were ignored by the decisions of the last Eurogroup meeting and the green light for Greece's funding...