«Right now, the Greek experience has shown the world that the institutions of the European project are not yet up to the task of crisis management. In extremis, it seems, leaders would rather openly discuss kicking a country out of the currency union than provide some sort of relief for its debts. In that case, the EU is not a currency union but a series of bilateral currency pegs. And, as such, a Greek exit in the next five years could still come to pass.»
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