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The Sunday Times Reports 'Greece is Set to Default on Debts in 10 Weeks'

The Sunday Times reported that Greece is set to default on its debts in 10 weeks, deepening Europe’s economic woes and raising new questions regarding the future of the single euro currency.
Talks to halve Athens’ debts broke down late on Friday. Greece does not have enough cash for a 14.4 billion euro ($17.65 billion) bond that has to be repaid on March 20. Bankers involved said that unless a deal could be salvaged within the next few days, default was “inevitable”, according to the paper.
A default could lead to Greece breaking away from Europe’s single currency, and to a resurrection of the drachma. It would pile market pressure back on to Portugal and Ireland, with traders betting on their eventual exit from the euro.
“Although European leaders are said to be reluctant to allow Greece to default, they are running out of options”, the paper concludes.

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