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The True Story Behind the Greek Debt Crisis: Why Hasn’t Greece Defaulted on Its Debt Yet?
For most of the Greek debt crisis the reality has been well-known. Even if it was only initially discussed among the staffers and in the back offices of the International Monetary Fund, a Greek default has always been inevitable.
So now that Greece is €328 billion in the hole – a 175% debt-to-GDP ratio – exactly why hasn’t Greece defaulted on its debt yet?
For most of the Greek debt crisis the reality has been well-known. Even if it was only initially discussed among the staffers and in the back offices of the International Monetary Fund, a Greek default has always been inevitable.
So now that Greece is €328 billion in the hole – a 175% debt-to-GDP ratio – exactly why hasn’t Greece defaulted on its debt yet?