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Jornal de Negócios - Portugal | Friday, May 18, 2012

Greece must leave Eurozone soon

Greece must leave the Eurozone as soon as possible, writes US economist Nouriel Roubini in the business paper Jornal de Negócios: "The Greek euro tragedy is reaching its final act: it is clear that either this year or next, Greece is highly likely to default on its debt and exit the Eurozone. Postponing the exit after the June election with a new government committed to a variant of the same failed policies (recessionary austerity and structural reforms) will not restore growth and competitiveness. Greece is stuck in a vicious cycle. … The only way to stop it is to begin an orderly default and exit, co-ordinated and financed by the European Central Bank, the European Union and the International Monetary Fund (the 'troika'), that minimizes collateral damage to Greece and the rest of the Eurozone. … Like a doomed marriage, it is better to have rules for the inevitable divorce that make separation less costly to both sides. Make no mistake: an orderly euro exit by Greece implies significant economic pain. But watching the slow, disorderly implosion of the Greek economy and society would be much worse."

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