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Greece Sovereign Debt Crisis: There Is No Solution

November 1st, 2012

The last of several versions of the Eurozone bailout of Greece had a projection that Athens would have its debt to GDP ratio peak at 167 percent. The Greek authorities are now saying (surprise) that this initial estimate was far too rosy. The latest forecast on the Greek debt bubble? It is now projected to hit a peak of 192 percent in 2014.

As for the Eurozone’s previous forecast that the Greek sovereign debt to GDP ratio would decline to  a still high 120 percent in 2020, that is clearly untenable. The Greek crisis is beyond salvaging, and more bailouts merely spread  the contagion throughout the Eurozone, eventually sucking in the strongest economies in the monetary union. But let’s be clear; should Greece leave the Eurozone, as is being increasingly speculated on, such  a policy measure would have its own negativities. Had an orderly exit by Athens from the Eurozone been crafted earlier in the crisis, those repercussions could have been managed. Now the Eurozone politicos have created a situation in which all the remaining options are saturated with dire consequences.








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