Paul R. Gregory's writings on Russia, the world economy, and other matters that he finds of interest.
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Monday, July 13, 2015
Europe's Harsh Deal Puts Greece Into Receivership And Avoids Contagion
The EU has wisely made the Greece deal so unpalatable that other countries with tottering public finances in similar need of reform are not tempted bycontagionto follow in Greece’s footsteps. After seeing Greece’s terms, it is doubtful that Cyprus, Portugal or Spain will wish to do what Greece did.
By my count, Greece’s outstanding debt will soon rise to more than $350 billion. The EU meanwhile resists making available, by comparison, tiny funds for embattled Ukraine to survive economically despite its fighting a hot war on Europe’s behalf.