"Inflation has continued to be less of a concern for policy makers than growth or financial stability per se, so we will probably repeat to a lesser degree what we had late in 2010, which was leaning against the wind and intervening, " said Mr. Chow of Barclays Capital.

WSJ: Greek Vote Could Reignite Emerging-Market Currencies

In this case, the Troika puts in question not just the credibility of deposit insurance per se but the safety of deposits in financial institutions against state confiscation.

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