Our Big Fat Greek Time Bomb

| Wed Apr. 20, 2011 12:46 PM EDT

Greece has no realistic chance of ever paying its external debt. So it needs to default restructure. But if it restructures, German and French banks are screwed. What to do?

Answer: dither some more. But dithering won't help. Greece is a time bomb waiting to go off, and it doesn't look like there's any realistic hope of defusing it.

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