07 Nov '11, 4pm

Why John Humphrys was wrong about Greece on @BBCr4today | James Meadway

Why John Humphrys was wrong about Greece on @BBCr4today | James Meadway

Default has now become an inevitability for Greece. Its national debt is unpayable. And as the economy shrinks, the relative burden of debt grows, dragging the economy further down. The EU deal, struck on 27 October, recognises this much in proposing a 50 per cent “voluntary” write-off for Greek debt – in exchange for worsening austerity. If approved, however, this reduction is unlikely to be enough to halt the death-spiral of debt and recession. The EU/IMF/ECB Troika, in a confidential report leaked ahead of the deal , suggest “at least” a 60 per cent default would be necessary. The true figure may be far higher; but a sharper default threatens banks across Europe, and will not be countenanced by its officials.

Full article: http://www.neweconomics.org/blog/2011/11/07/john-humphrys...

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