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My Big, Fat Greek Debt

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Negotiations between creditors and debtors often turn into games of chicken—especially when debtors use the prospect of default to their advantage. That’s certainly been true for Greece, but now the lines are being drawn a little differently.

To judge from the tenor of recent news, Athens and its private creditors are increasingly banking on the idea that Germany and the euro zone won’t have the stomach for a messy default when some €14 billion in Greek debt comes due in March. Instead—so this thinking goes—Berlin and the International Monetary Fund will drum up more money to pay off Greece’s creditors one more time.


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