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GreekReporter.comGreek NewsEconomyGreece Should Default, Leave Eurozone, Roubini Writes in FT

Greece Should Default, Leave Eurozone, Roubini Writes in FT

Greece should begin an orderly default and leave the Eurozone, in order to break a “vicious cycle of insolvency, low competitiveness and ever deepening depression,” Nouriel Roubini, co-founder and chairman of Roubini Global Economics LLC, writes in the Financial Times.
“A return to a national currency and a sharp depreciation would quickly restore competitiveness and growth, as it did in Argentina,” Roubini wrote. Greece “cannot return to growth unless competitiveness is rapidly restored. Without a return to growth, its debts will stay unsustainable.”
The current deal on offer to Greece from Europe is a “rip- off,” Roubini wrote.
(source: FT, Bloomberg)

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