29 June 2011

Paul Krugman: Distressed Greece.Delutional Europe

The reaction of European leaders and institutions to the Greek crisis is a sight to behold. Essentially, it boils down to the fact that default would be very inconvenient, both as a practical matter and in terms of prestige. Therefore, default must not be considered a possibility, even though it has long been obvious that nondefault is not an option.

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