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Monday 20 June 2011

If Greece Defaults, What Happens to Portugal and Ireland—and Spain?

By Gonzalo Lira

MONDAY, JUNE 20, 2011

So it looks like Greece is about to go down the toilet. Last year, Greece got a bailout—so this year (wouldn’t you know it), they want another.
But it’s looking like France, Germany, Holland and the UK are all balking at the reality of having to save the Greek’s hide once again. Boris Johnson, the flamboyant Mayor of London,openly called for Greece to exit the euro in an op-ed in the Telegraph. Several of the participants in the negotiations are asking for Greece to make deeper austerity cuts first, before getting more bailout money—.

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