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Hardy: Greek games pose danger to EUR

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Greece is playing a dangerous game with its creditors and it is starting to be a drag on the euro, says Saxo Bank’s John Hardy.

He says a planned visit to Moscow by Greek Prime Minister Alexis Tsipras on April the 8th comes at a critical time for Greece as it rapidly runs out of cash to repay its debts, and wonders if Greece is attempting to use Russia as leverage with the EU.

John Hardy says it is a difficult time to trade the euro as it is vulnerable to extreme headline risk, but is considering a spot trade in EURJPY or options.

While bond markets are pricing in the likelihood of Greece leaving the euro, John Hardy has a hard time envisaging a Grexit because he thinks that would be against the wishes of the Greek people, who are largely pro- EU.