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It seems that Greece doesn't owe the biggest sum of money, why then does it causes such big problems?
by Egregore 15y ago
It 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.