Tuesday, June 21, 2011
Avoiding the Default Trap
European policy makers are caught in the "default" trap. They realize that Greece’s debt is unsustainable, and that Greece is actually much worse than Argentina was 10 years ago. But they fear the consequences of the kind of disorderly default that happened to Argentina. So they just keep on financing Greece as the lesser evil of options.
Read more..
By Daniel Gros
The New York Times