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The Greek tragedy, act II

By Luigi Zingales CHICAGO: A Greek tragedy is typically composed of three acts. The first sets the scene. It is only with the second that the plot reaches its climax. For current-day Greece, the imposition of “voluntary” losses on the country’s private creditors represents just the end of the beginning. The real tragedy has still to …

DNE

Greece’s soft budgets in hard times

By Daniel Gros BRUSSELS: The first de facto default of a country classified as “developed” has now taken place, with private international creditors “voluntarily” accepting a “haircut” of more than 50 percent on their claims on the Greek government. As a result, Greece now owes very little to private foreign creditors. Greece also agreed to even …

DNE

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