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

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