ECB's Noyer Says Grexit Risk Has Subsided

It looks like Greece isn't going anywhere. European Central Bank governing council member Christian Noyer said in an interview with Le Monde newspaper published on Friday that the prospect of Greece being forced to leave the euro zone has lifted. Noyer said that Greece represented "next to zero" risk of contagion for foreign banks as they had largely reduced their exposure to the massively indebted country. Asked whether the risk of Greece's exit from the euro zone had receded, Noyer said: "Yes, I believe so." An ECB official says no date has been set for the beginning of formal talks on a new rescue program for Greece because international creditors are still looking for a secure place to hold negotiations in Athens. Greek government officials have said repeatedly that the talks on a bailout of up to $94 billion dollars would start in Athens on Friday.