11/13/2012

No matter the combination of rescues, debt deals and austerity, Greece is bound to default, Alen Mattich writes. "The reason the Greek government can't get to grips with its deficit is because its shrinking economy is leading to higher welfare payments and lower tax revenues faster than austerity programs can shrink the gap," Mattich writes. "And austerity merely causes the economy to slow further."

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