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Eurozone debt web: Who owes what to whom?
- Egregore 15y agoIt seems that Greece doesn't owe the biggest sum of money, why then does it causes such big problems?
- AndrewDucker 15y agoBecause it's the country that can't pay its debts. Liquidity is more important than total value. A country with massive debts that can pay the interest is fine. A country with small debts that can't pay them is in real trouble.
- prime7 15y agoGreece makes up a small percentage of the overall European economy. If it sets a bad precedent by defaulting, it will indicate a much worse scenario for the Euro when heavyweights like Italy and Spain end up in a similar position.