Grexit: bookmakers put smart money on an unwise move

Demands for more austerity in Greece are as inhumane as economically crass but Greeks would likely prefer more such 'medicine' if it meant keeping the euro

Paddy Power is quoting 11/10 on Greece leaving the euro - and after recent events it's hardly a surprise that the bookmaker is offering the shortest odds ever on a Grexit. After months of wrangling, Greece still can't reach an agreement with its creditors to secure fresh financial assistance and doesn't have the ready cash to make a payment due to the International Monetary Fund at the end of next week.

The economic argument for Greece staying in the euro is weak. National output is down by a quarter in five years. The debt-to-GDP ratio is heading rapidly towards 200%. One in four people are unemployed and there is widespread poverty.

Greece's PM has to decide whether to accept more austerity as the price of remaining in the single currency