The Painful Arithmetic of Greek Debt Default
Charles Calomiris examines Greece’s current and future fiscal affairs. Professor Calomiris concludes that it is unlikely that Greece will be forced to leave the euro zone this year, owing to the likely support of other euro zone countries (which its recent fiscal reforms likely have secured). But, he then lays out the case for why Greece – within only a few short years – is likely to leave the euro zone forever.
Charles Calomiris examines Greece’s current and future fiscal affairs. Professor Calomiris concludes that it is unlikely that Greece will be forced to leave the euro zone this year, owing to the likely support of other euro zone countries (which its recent fiscal reforms likely have secured). But, he then lays out the case for why Greece – within only a few short years – is likely to leave the euro zone forever.
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