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Greece and the Euro

The situation in Greece does seem to be coming to a head. If they don't sort their problems out then they won't have money to pay their liabilities.

I would argue that any country that has had to have a rescue of any form has gone through a form of bankruptcy. However, it is only at the point at which they really don't have any way of paying for things that they have the effects of insolvency in that people don't actually get paid.

In terms of international law they will still owe the debts that they have. Hence there is no rational route through which they would not comply with the proposals from the Eurozone.

It really does not matter how much the unions in Greece protest. They need to find a way of paying for their liabilities. They won't get an improved deal if they don't stick by the deals they have done to date. Creating a "New Drachma" still does not solve the issue of the liabilities they already have.

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