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Excerpt from The New York Times -- "Three economists, Pierre-Olivier Gourinchas, Thomas Philippon and Dimitri Vayanos, examined the history of Greece’s debt boom and bust in a new paper. They contend that in terms of money borrowed and economic output lost, the Greek crisis has far exceeded even the classic emerging market busts in Latin America and Asia — many of which were resolved via various forms of debt restructuring. As a result, they conclude, the very thought that Greece can pay its way out of this mess without having its debt reduced in some way is fantasy."

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