S&P says Grexit now more likely than not, but contagion risks low

A broken piggybank painted in the colours of the Greek flag lies amongst various euro coins in front of letters spelling the word 'GREECE' in this picture illustration taken in Berlin, Germany June 30, 2015. REUTERS/Pawel Kopczynski

LONDON (Reuters) - The top European sovereign analyst at rating agency Standard & Poor's said it was now more likely than not that Greece would leave the euro following the country's overwhelming vote against EU-prescribed austerity measures.

In an interview with Reuters, S&P's Moritz Kraemer said the result of the vote limited both Greece's and the euro zone's room for manuouvre in what are already difficult debt negotiations.