Devil is still in the detail of the Greek bailout and contagion warns Merrill Lynch

Laurence Boone, chief european economist at Bank of America Merrill Lynch, discusses the prospect of a second Greek rescue deal, Japan and China’s role in resolving the debt crisis, and the outlook for Europe’s southern countries. She spoke with Owen Thomas and Linzie Janis on Bloomberg Television’s ‘Countdown’.

Portugal remains a big risk with contagion from Greece impossible to rule out. But the implementation of a deal with Greece will not be straightforward and many economists still see a default down the road as inevitable.