Majority Of Euro Economists Predict Greek Default
The Greek island of Mykonos.
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Greece is likely to default on its sovereign debt, according to the majority of respondents to a BBC World Service survey of European economists.
Two-thirds of respondents predicted a default. However, most thought the euro would survive in its current form.
The euro crisis began when it became clear that Greece would struggle to pay its debts and had to be given rescue loans by the EU and the IMF last year.
The BBC approached 52 professional economic forecasters for their views.
Since the Greek rescue, the Irish Republic has also had to seek help. And Portugal seems increasingly close to meeting the same fate.
The forecasters the BBC surveyed are experts on the euro area - they are surveyed every three months by the European Central Bank (ECB) - and as well placed as anyone to peer into a rather murky crystal ball and say how they think the crisis might play out.
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This explains EURO bailouts rather succinctly...
Mar 31, 2011 at 7:10 PM
Reader Comments (2)
The Icelandic people worked it out smartly.
Let the banks go down and take the banksters to the courts.
Let greedy investors take their own loses not lumber the taxpayers.
I sincerely hope the greek people do repudiate the debt not of their making.
If they can bring down the Euro at the same time the whole of the enslaved people of Europe will bless them forever.