From CNN:
Stergios Skaperdas, an economics professor at the University of California-Irvine, recently wrote a paper outlining the seven myths of the Greek debt crisis. The first myth, he writes, is that default will be catastrophic for Greece. "The timidity in defending Greek interests with the troika and Northern European politicians is a common denominator of the Greek government's response to the crisis," he writes. "How could "bankruptcy" be catastrophic when existing debt is unsustainable according to all disinterested parties and even according to many interested ones, including the German finance minister? The question is no longer about whether Greece should default, but rather about the size of the default and whether it should be "voluntary," with the consent of the great majority of bondholders, or a unilateral one that involves a minority of them."

For the full story, please visit


© UC Irvine School of Social Sciences - 3151 Social Sciences Plaza, Irvine, CA 92697-5100 - 949.824.2766