Markets calm, but concern now switches to referendum

The shutting of bank doors in a eurozone country yesterday may not have riled markets, but there is no doubt that Europe’s big powers and Greece’s official creditors — the IMF and the European Central Bank — are still taking serious risks.

From an Irish perspective, the Greek crisis has so far been benign. The euro yesterday bought 70.8p sterling, close to its three-month low, but down from 80p a year ago.

The Greek crisis and interest rate differentials mean that exporters into Britain have had a huge boost to their competitiveness — the euro is 11.5% cheaper when it comes to selling products and services into Britain in the last year.