Defaulting May Not Be A Greek Tragedy

Wednesday, June 29, 2011

Demonstrators clash with police during a protest against plans for new austerity measures on June 28, 2011 in Athens, Greece. (Milos Bicanski/Getty)

Demonstrators continue to protest in the streets of Athens today, amid violence and tear gas. Many Greeks are not happy with their government's upcoming vote on austerity measures, which would mean higher taxes and many spending cuts. If Greece's government does not pass the austerity measures, though, they would be at risk of not receiving a €12 billion bail-out, and becoming the first eurozone country to default.


Dan Gross, columnist and economics editor for Yahoo! Finance, doesn't believe Greece defaulting would be a terrible thing for the country. He speaks with us about his theory. 


Daniel Gross

Produced by:

David J Fazekas

Comments [1]

Jack from West Caldwell, NJ

John used the term "Hobson's choice", perhaps not correctly.

Although the primary sense is "a take-it-or-leave-it choice", it also suggests that other viable options have been artifically excluded form being available.

This was from livery stable owner Thomas Hobson's practice of offering his customers only the horse in the stall closest to the door, or none at all (despite numerous other horses being right there).

I do not know of other viable options for Greece which were artifically excluded.

Jun. 29 2011 10:00 AM

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