Why Greece Will Default
There simply is no way around the arithmetic implied by the scale of deficit reduction that Greece must undertake, and by the accompanying economic decline: sovereign default is inevitable. If Greece were not part of the euro system, it might not have gotten into its current predicament, and, even if it had, it could have avoided the need to default.
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CAMBRIDGE – Greece will default on its national debt. That default will be due in large part to its membership in the European Monetary Union. If it were not part of the euro system, Greece might not have gotten into its current predicament and, even if it had gotten into its current predicament, it could have avoided the need to default.