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July 01, 2011

The Economist: Fiscal Angst and Agony in Greece.

The Economist/Eyevine

So you think America has problems? Yesterday's The Economist tries to make sense of the ongoing and painful debate in debt-ridden Greece over a fiscal rescue plan. See "What have we become?" Excerpt:

Theodoros Pangalos, the famously blunt deputy prime minister, put it even more starkly. If Greece were to break with its would-be saviours and launch a new drachma, local banks would be besieged by panicked depositors and the army would have to keep order. “The shops will empty, and some people will jump out of windows,” he told El Mundo, a Spanish daily.

(Last year Mr Pangalos irked some compatriots, and impressed others, by saying that ordinary Greeks, as well as the political elite, had wasted the loans and subsidies that rained down on the country: “We ate it up together.”)

Posted by Holden Oliver (Kitzbühel Desk) at July 1, 2011 06:43 PM


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