The euro remains fatally fragile so long as the eurozone lacks a mechanism for forgiving debt.
Greece’s gross domestic product, shown here in 2010 constant dollars, has plunged since 2008.
RED St. Louis Federal Reserve Bank and Hellenic Statistical Authority
On Sunday, the citizens of Greece voted No on the country’s referendum to accept a package of money in exchange for further austerity measures. Now what? Every armchair economist from Iowa to the Aegean…
European leaders have consistently claimed that their anti-contagion measures would protect the rest of the eurozone from a Greek exit. This looks like pure propaganda.
No campaign voters burn an EU flag.
EPA/Armando Babani
A famed game theory parable involving mutually assured destruction explains the Greek debt crisis and could explain the outcome of the Greek referendum this Sunday.
Some in Greece could soon be mourning the death of the Euro.
Orestis Panagiotou/EPA/AAP
A Greek default and exit from the eurozone might cost the UK the odd billion here and there, but the real risks are in a nervous banking sector and the devastating potential of Brexit.