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German Economists Urge Government To Consider Greek Default

A group of 16 prominent German economics professors has signed a declaration urging the German government to take into consideration the possibility of a default by a euro-zone country such as Greece, Frankfurter Allgemeine Zeitung reports in an article to be published in Saturday’s edition.
There shouldn’t be any “ban on thinking” about a Greek default, the economists write in the declaration, backing the view of German Economics Minister Philipp Roesler, the newspaper reports.
“If Germany doesn’t take into account the potential insolvency of a euro-zone member in its policy to stabilize the euro, it risks being blackmailed by creditors,” the economists’ declaration is quoted as saying.
German policy that excludes the possibility of a default will lead to a constant enlargement of rescue funds and pushes the euro zone toward a transfer union, the professors are cited as saying.
The group of economists includes a member of the German finance minister’s economic advisory council and the president of the Ifo economic research institute, the newspaper reports.
(source: Dow Jones)

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