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Europe’s Next Nightmare

The economic ramifications of a full-blown Greek default are terrifying, but the political consequences could be far worse. A chaotic eurozone breakup would destabilize not only the highly-indebted European periphery, but also core countries like France and Germany.

CAMBRIDGE – As if the economic ramifications of a full-blown Greek default were not terrifying enough, the political consequences could be far worse. A chaotic eurozone breakup would cause irreparable damage to the European integration project, the central pillar of Europe’s political stability since World War II. It would destabilize not only the highly-indebted European periphery, but also core countries like France and Germany, which have been the architects of that project.

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