Greece's debts are all denominated in euros, but it isn't clear who holds how much of those debts. For that reason, the consequences of a national bankruptcy would be incalculable. Greece is just as systemically important as a major bank.
From Wolfgang Schauble
I think there will be no government bankruptcy in Greece.
Even when one is doing well, one still worries that things might go badly again in the future. This is an old observation based on human experience.
Mr. Geithner is an excellent minister. We have a good personal relationship.
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