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“The current crisis is not really about Greece’s currency arrangements at all.
The Greek people are not demanding a return to the drachma and few within the country are arguing for the competitive benefits a currency devaluation would entail. And there are no formal rules that Greece is breaking that must lead to an exit from the euro because, legally, the euro is a fixed and irrevocable currency union.
This crisis is about more basic things: Debt and power.”
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This crisis is about more basic things: Debt and power.”
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