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Is Europe out of the woods?

Eichengreen, B., (2013), “Is Europe out of the woods?”, Project Syndicate, 11 September.

And what happened in Greece would not stay in Greece. Once the process of euro exit had started, there was no telling where it would stop. The general feeling was that the common currency was doomed.

CommentsView/Create comment on this paragraphIn fairness, this dark prognosis was not universally embraced. My own favorite recollection of this period is from March 2012, when I shared a podium in New York with another, more famous economist. We were asked: “What probability do you attach to Greece leaving the eurozone by the end of the year?” He said 100%. I said 0%. This caused no little amusement in the audience. In the end, one of us was more right than the other.