Joseph Stiglitz (World Bank Chief Economist) : ''Europe must back away from Greek austerity cliff''

"If Greece's partners in the eurozone continue in the same direction they were on before the crisis, I am afraid the game is over. It will be bad for Greece, bad for Europe, bad for the world economy, including the United States. Even if the euro survives for the moment, it is the beginning of the end. At the next crisis — and there will be more crises — some other country will be forced out. The eurozone was supposed to be not a marriage of convenience, but a new economic and political reality. With Greece's departure, the eurozone will begin to fray. Even those of us who think the euro was a mistake don't want to see this tragic ending."

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