Greece to Exit Euro, New Currency to Fall 60%: Citi

CNBC reports:

Greece will leave the euro zone next year and the country's new currency will "immediately fall by 60 percent," according to Citi chief economist Willem Buiter.

Greek officials have repeatedly stressed that the country will be running out of cash by the end of June, after which it would be unable to make debt payments and pay civil wages and pensions. An election is scheduled for June 17 after inconclusive results of the May 6 polls meant a government could not be formed.

The Troika of international lenders - the European Union, the European Central Bank, and the International Monetary Fund - are waiting to see what government will result from the elections next month before disbursing more aid.