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Euro Defaults Need to Be Carried Out Quickly: Elena Carletti

Far from being irrational, markets are quite right this time to be concerned about the current crisis in the euro area.

History threatens to repeat itself. The first recorded sovereign default was in the fourth century B.C. when 10 out of 13 Greek municipalities in the Attic Maritime Association reneged on loans from the Delos Temple. Today, it looks increasingly likely that another sovereign default will occur in Greece in the coming years.