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2017-04-14

The Eurogroup is asking Greece to do something unprecedented

Historical experience — not just Greece’s experience, but that of a typical advanced country — is inconsistent with the primary surplus  paths that would make Greece’s current debt sustainable.

New research from Jeromin Zettelmeyer, Eike Kreplin, and Ugo Panizza suggests Schaeuble is wrong: there is no reasonable likelihood that the Greek government can continue without significant further debt relief.

Matthew C Klein, FT 13 april 2017

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