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Interest rates on government borrowing tend to fall and the value of sterling increase as investors seek 'safe haven' from turmoil in the eurozone.

But failure would have risked crashing stock markets, financial contagion and an economic slowdown in euro states - all of which would have been very damaging to the UK.

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Greece's liabilities are equivalent to around 180% of its GDP - and few economists believe that is sustainable.Some have already taken to social media using #thisisacoup to decry the terms of the deal, with many attacking the creditors terms as unfair.

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