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Will Greece Default On Its Debt?

An old joke is that if you owe a thousand dollars, you are at the bank’s mercy. If you owe a million dollars, then the bank is at your mercy. The new Greek government has heard this joke, or else they recall that in the 6th century B.C., Solon was made magistrate and cancelled the debts of poor people. Greece is coming close to repudiating its debt. In this article, I’ll explain why they might do that and what the consequences would be for the global…