Greece's rescue package: Will the bailout work?

Press quote (Time)
Philip Whyte
26 April 2010

"A default of some sort — or debt restructuring — is highly likely and people holding government bonds will have to agree to a haircut," says Philip Whyte, senior research fellow at the CER. "But given the alternative, that would not be the worst possible outcome, which would be for Greece to leave the eurozone, and for Greece's problems to spread to other vulnerable countries, like Spain and Portugal."