What the Greek vote means for your portfolio

What more can be said about a Grexit? Perhaps a few facts, some historical context and an assessment of the portfolio implications.

There are 28 countries in the European Union (EU), of which 19 are in the Eurozone. There was widespread, popular support for the enlargement that took place in 1973. Many countries, including France, Norway, Denmark and Ireland held referendums. In 2004, when a further ten countries joined the union, referendums were held in 9.

Only two countries held referendums on joining the Euro – Denmark and Sweden. Both resulted in a ‘No’ vote. Most political leaders committed to a single currency without going to a vote precisely because they knew their populations would reject it.

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