UK Bookmaker Starts Taking Grexit Bets As Exit Very Likely

A U.K. bookmaker has stopped taking bets on Greece leaving the euro zone, saying it is increasingly likely that the country could “begin the process of departing” very shortly.

William Hill closed their book on whether Greece will leave the euro zone during 2015, and on which country would be first to leave the euro zone, the bookmaker said Wednesday evening.

“Greece had been heavily backed down to 1/5 to be the first to quit the euro zone, and we’d also been shortening the odds for Greece to leave during 2015. They’d come down from 5/1 to 3/1.’ William Hill spokesman Graham Sharpe said in a press release.

He added that “it is now looking increasingly likely that they could begin the process of departing very shortly.”

It comes as one analyst told CNBC Thursday that the country faced a “slow-death scenario”—including a default and messy exit from the euro zone—as the country’s economic crisis took another turn for the worse following a credit rating downgrade.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza