Greek contagion is no eurozone 'subprime' crisis

摘要

GDP contraction of 21%, unemployment creeping to 23%, and poverty rates over 55%. Is this what lies ahead for the most indebted members of the eurozone? There will be far-reaching repercussions, and UK property markets will not be spared. The experience of Argentina from 1998 to 2002 represents the worst-case scenario for eurozone states with the highest deficits. Whether Greece can return to growth by 2012 or defaults - with all the economic consequences - is being debated. Yet, with a generous bailout package in place and less dependence on capital markets, Greece has bought time for the corrective adjustments.