We do not believe major policy shifts, potentially by Greece or France, are currently discounted sufficiently in market prices.

FORBES: All Politics Are Greek

The Irish were already at odds with Fifa over the late decision to seed the play-offs, which meant they could only be drawn against France, Portugal, Russia or Greece, rather than fellow second-place qualifiers Bosnia-Herzegovina, Slovenia or Ukraine.

BBC: Fifa to investigate Thierry Henry handball

Asian central banks that want to balance their dollar holdings with euros may choose to park their cash in France or Germany and save themselves any worries about Greece and its politics.

ECONOMIST: Bailing out Greece

With the support of smaller countries such as Greece and Portugal, Britain and France are likely to try to block the directive or at least to water it down.

ECONOMIST: Europe��s last post