Consequences of Hard Bargaining With Greece

Consequences of Hard Bargaining With Greece

As Europe goes, so may go the U.S. and global economies. Europe's fate, in turn, hinges on what happens in Greece, whose debt crisis triggered the broader predicament of the euro and the 17 nations that use it. Alas, the news from Athens is not bright. Not only did Greece fail to meet its deficit reduction and growth targets for 2011, with a further deep recession forecast for 2012, but negotiations to write down the $260 billion in Greek debt held by the private sector have bogged down.

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