Is Greece about to burn its bridges with the Eurozone? Protestors hurl petrol bombs at riot police on the streets of Athens ahead of final deadline for bailout deal
Quote:The cash-strapped country is dealing with a debt that’s 177 percent of its gross domestic product, and the deepest among the eurozone nations. Tim Dreiling, senior portfolio manager of the private client reserve at U.S. Bank, said Greece will “need help to restructure its debt” if it is to make good on its loan repayments. “They don’t have enough of an economic engine to grow their way out of what they’re looking at right now,” Dreiling said.
Quote:Albert Einstein famously observed that a sure sign of insanity was to keep repeating exactly the same experiment and yet to expect a different result. One has to wonder whether the same might not be said of Greece and its European partners as they have agreed to extend Greece's borrowing arrangement for another four months. They have done so in order to negotiate a new economic program with very much the same macroeconomic policy recipe as before. This has to beg the question: Why, if such policies failed so miserably before, should a different result now be expected?
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