The odds of a Greek exit from the euro just dropped to 6/4

Emma Haslett
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In emergency, break glass: Paddy Power slashed its odds after the breakdown of talks last night (Source: Getty)

The odds of a Grexit have been cut again after the collapse of emergency talks between European leaders last night.

Bookie Paddy Power has slashed its odds of Greece leaving the euro to 6/4, from 3/1 two days ago. And it's put the chances of the country leaving the currency this year at 11/8.

Maverick Greek finance minister Yannis Varoufakis said last night that he walked out of talks after his European counterparts demanded the country stuck to its current bailout programme, rather than negotiating a bridging loan.

For the first time, Varoufakis said he had been willing to compromise on his demands, but in the end "it proved impossible for the Greek government... to sign the offered communique".

The negotiations' collapse leaves Greece dangerously close to its deadline - its current programme of loans ends on 28 February.

“There hasn’t been a stare down this frightening since the days of Medusa," pointed out a spokesman for Paddy Power. "If further talks fail the Greeks might be left with no option but to leave the euro.”

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