Arminio Fraga published Greece and the EU at a crossroads in the Financial Times: “Greece and the European Union face a momentous challenge. At stake is Greece’s future and, to some extent, the future of the EU itself…Moving to the present, Greece ran its macro polities in extremely loose fashion after joining the European Monetary Union. Government debt is approaching 120 per cent of gross domestic product and the country’s net external liabilities add up to 90 per cent of GDP. The best option would be for Greece to implement a substantial fiscal contraction…”
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