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For Greece, the worst catastrophe now would be to stay in the eurozone

posted at 11:39

A Grexit, with a managed default and devaluation to kickstart recovery, is the only deal that should be on the table

by Simon Jenkins

There must be Grexit this weekend. It is light at the end of the tunnel, the best possible outcome from Greece’s agony and, in truth, the only one. The admission of Greece into the eurozone in 2001, tying its economy to that of Germany (and its reckless bankers), was a disaster waiting to happen. The error was so great that even this tiny economy – just 1.3% of the EU’s – has contrived to traumatise Europe’s leadership for the past three months. The only catastrophe now would be no Grexit.

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