A Greek Tragedy. Default or Debase? What's in it for the Eurozone ?

Markets are not buying the May 2nd, 2010, €110bn ($145bn) EU/IMF rescue plan for Greece and for good reasons.  There is high probability that it might fail and that Greece will eventually default on its debt and restructure.  Greece has today stark choices in front of her: debase, i.e walk out of the euro and create new Drachmas, and devalue, or default, or maybe, do both: default AND devalue, by Marwan Elkhoury.  Read the whole story here.

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