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Greece's Prime Minister Alexis Tsipras on Monday sacrificed his finance minister in a gesture aimed at placating eurozone creditors, which must now decide whether to loan more money to the debt-wracked country or prepare for a "Grexit". A day after the Greeks said a resounding "No" to further austerity measures in return for bailout funds in a crunch referendum, finance minister Yanis Varoufakis said he was stepping down immediately and at Tsipras's request. The euro had tumbled as much as 1.6 percent in electronic trading immediately on the 61-percent 'No' result from the referendum, but recovered after Varoufakis's shock resignation to $1.1086, just 0.25 percent lower.
Athens (AFP) - 09:58 GMT - Contagion risk - The German banking federation says it sees little danger of contagion for the wider euro area from the Greek crisis, given tougher banking rules and contingency measures put in place at banks since the 2008 financial crash. "Regardless of the outcome of the referendum, we do not expect an increased risk of contagion for other euro countries," the head of the BdB federation, Michael Kemmer, said in a statement. 09:50 GMT - Grexit odds - Investment firm Morgan Stanley said that its analysts now reckon there is a 60 percent chance Greece leaves the euro, Bloomberg reports.