Greece Should Default, Leave Eurozone, Roubini Writes in FT

Greece should begin an orderly default and leave the Eurozone, in order to break a “vicious cycle of insolvency, low competitiveness and ever deepening depression,” Nouriel Roubini, co-founder and chairman of Roubini Global Economics LLC, writes in the Financial Times.

“A return to a national currency and a sharp depreciation would quickly restore competitiveness and growth, as it did in Argentina,” Roubini wrote. Greece “cannot return to growth unless competitiveness is rapidly restored. Without a return to growth, its debts will stay unsustainable.”