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Germany

The Real Price Others Will Pay If Greece Quits The Euro Zone

If Athens opts out of the euro zone, the economic union as a whole will probably survive. But it won't be pretty, especially for Germany, which stands to lose upwards of 100 billion euros, according to economists.

Alexis Tsipras (center), head of the Coalition of the Radical Left SYRIZA parliamentary group (PIAZZA del POPOLO)
Alexis Tsipras (center), head of the Coalition of the Radical Left SYRIZA parliamentary group (PIAZZA del POPOLO)
Martin Greive

BERLIN -- Two years ago, the idea of Greece leaving the euro zone was considered out of the question. But more recently – even before last week's elections, which strengthened both left and right-wing parties thus making the formation of a stable government that much more difficult – politicians, banks and economists have begun crunching the numbers to get some notion of how the country would fare if it were no longer a part of the euro zone, and how high the costs of its quitting the euro would be.

"I still think it's more probable that Greece will stay in the euro zone," says Ulrich Kater, head economist at DekaBank, the German Savings Bank Finance Group's central asset manager. "But results of the elections have increased the risk of their leaving."

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Geopolitics

Is Odessa Next? Putin Sees A Gateway To Moldova — And Chance For Revenge

After the fall of Mariupol, Vladimir Putin appears to have his eye on another iconic southern coastal city, with a strong identity and strategic location.

Odessa after a missile attack

Vincenzo Circosta/ZUMA
Anna Akage

Air strikes on the port city of Odessa have become more frequent over the past three weeks, most often hitting residential buildings, shopping malls, and critical infrastructure rather than military targets. The missiles arrive from naval vessels on the Black Sea and across the sea from the nearby Crimean coast, with the toll including multiple civilian deaths and a growing sense of panic. In Odessa, fears are rising that it could follow Mariupol as Vladimir Putin’s next principal target.

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Since the beginning of the war, more than half of the population — about 500,000 people — have left the city, even as others are flowing into Odessa from other war-torn regions in southern Ukraine, where the situation is even worse: people from Nikolayev, Kherson, Crimea, and even from Moldovan Transnistria.

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Central to the tragic absurdity of this war is the question of language. Vladimir Putin has repeated that protecting ethnic Russians and the Russian-speaking populations of Ukraine was a driving motivation for his invasion.

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