Greek euro exit would scar a generation

If Greece leaves the euro, the country faces years of life-altering hyperinflation and turmoil. And the eurozone faces severe instability.

5th July, 2015

Last week, Greece became the first developed country to default on the IMF.

Greece’s debt is 180 per cent of its GDP. Most of this debt, it will never pay back. To give you a sense of scale, Greece owes more than €90 billion to Germany alone. It owes around €70 billion to France, slightly over €61 billion to Italy. The key reason Greece owes so much to its official creditors is because nine of...

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