A flea market in Athens. In a survey this summer, an advisory firm found that 80 percent of clients polled expected Greece to leave the euro zone, and a fifth of those expected more to follow.Credit...Petros Giannakouris/Associated Press Even as Greece desperately tries to avoid defaulting on its debt, American companies are preparing for what was once unthinkable: that Greece could soon be forced
ABOUT FIFTY YEARS AGO, in 1961, Jean-Paul Sartre complained about the state of Europe. “Europe is springing leaks everywhere,” he wrote. He went on to remark that “it simply is that in the past we made history and now history is being made of us.” Sartre was undoubtedly too pessimistic. Many major achievements of great significance have occurred in the last half a century in Europe, since Sartre’s
LONDON — So, let’s say you have mastered the euro zone concept of “financial contagion.” Maybe you even know a thing or two about the euro “doom loop,” in which sickly banks and indebted governments threaten to drag each other down a death spiral. Time now to learn a new buzzword, one that captures the anxieties of those seeking long-term stability for the euro currency union: “trilemma.” The term
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