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Mohamed A. El-Erian

Greece's Next Step: Overdue Debt and IOUs

Without cash to pay its bills, the government will move closer to leaving the euro.
The feeling probably is mutual.

The feeling probably is mutual.

Photographer: Milos Bicanski/Getty Images
Updated on

Greece’s dramatic decision to close its banks and impose capital controls has averted -- at huge cost to the economy -- a bank run and limited the flight of euros out of the country. A perilous week still remains ahead.

QuickTake Greece's Fiscal Odyssey