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Fortunately Greece is the only Eurozone member that faces existential problems to stay or leave the euro area. Ireland and Portugal got last week the seal of 'good direction' by both the Ecofin and the Eurogroup. The two are meeting the programme targets to cut down deficits. 

On 18 May, oil prices slipped below $107 a barrel and hit a 2012 low as fears that Greece would leave the euro and a downgrade of 16 Spanish banks by Moody's increased the possibility of a major impact on growth and slower oil demand.

The day after he is to take the oath as president of France, François Hollande, is expected to travel to Berlin on 16 May to meet the German, Chancellor Angela Merkel.