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Krugman: Greece will default on its debt

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Greece will default on its debt and will probably quit the European monetary union, Nobel economics laureate Paul Krugman said, according to Bloomberg.

“The Greek situation is essentially impossible,” Krugman said at a conference in Moscow today. “They will default on their debt. In fact they already have. The question is whether they will also leave the euro, which I think at this point is more likely than not.”
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