ASSESSMENTS

Greece Will Hurt Europe, No Matter What

Jun 20, 2015 | 16:30 GMT

A Greek flag waves in the breeze at Acropolis hill, in Athens on June 5, 2015.
A Greek flag waves in the breeze at Acropolis hill, in Athens on June 5, 2015.

(ANGELOS TZORTZINIS/Getty Images)

Summary

The economic crisis in Greece is far from over, and as it plays out it will have political and economic ramifications across Europe. The most Athens and its lenders can hope for at present is a temporary agreement to prevent a Greek default and buy time to continue negotiations, but the possibility of Greece exiting from the eurozone remains. And while a default and a "Grexit" would impact global markets and European politics most drastically, drawn out negotiations will themselves also erode confidence in the viability of the European Union.

Even if Athens reaches an interim deal with its creditors, protracted negotiations will intensify political and economic instability in the eurozone. ...

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