What we have seen is that contagion has gone global
—Jeffrey Frankel, Harvard University: WSJ
The Greek “rescue” package announced last weekend is dramatic, unprecedented and far from enough to stabilize the euro zone.
—Peter Boone & Simon Johnson: via NYT
It is going to be extremely difficult for some of the peripheral eurozone economies to escape without large-scale defaults on their massive private external debts, public external debts, or both.
—Kenneth Rogoff: via FT