The Eurogroup's apparent 'non-negotiation' stance with Greece reflects one main worry we suspect - conceding to Greece would increase rather than reduce political risk, emboldening the resurgent anti-austerity and anti-euor extremist parties across Europe. With Spain and France seeing 'extremist' parties in the lead, the following chart is likely the one that keeps Dijsselbloem up at night...
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Source: Deutsche Bank
