``If a deal is struck (as is likely) that gives Greece significant debt relief, that will further weaken the finances of debtor nations like Italy and Spain that are also among leading Greek creditors. If the creditors force further pain on Greece, its inability to pay and its capacity for further wrangling will continue. If Greece does eventually have to leave the euro, then -- irrespective of whether it does well or badly outside -- we would see the faltering of a system that was supposedly irrevocable and impregnable.''

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