Greece for Grownups
While no one knows how the Greek economic tragedy will actually end, one thing is certain: Greece’s creditors will have to write off a large proportion of their loans to the country. Their refusal to recognize this reality has increased the losses they will suffer.
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LONDON – Greece and its European partners may have agreed on a new bailout provision, but how the Greek economic tragedy will actually end remains a mystery. One thing, however, is certain: eurozone governments will end up writing off a large proportion of their loans to Greece. Their refusal to recognize that reality has increased the losses they will suffer.