External debt is Greece’s perennial Achilles heel, economists warn
Cycles of external debt and dependence are ‘perennial themes’ for Greek crises
Greece has been through many cycles of debt, default and bailout in its history, and it is the composition of its sovereign debt as well as the level is to blame, according to a new research by economists Carmen Reinhart and Christoph Trebesch.
"The evidence we present reveals striking historical parallels between the past and the present," they say in a paper that studies a range of crises since the country gained independence in 1829.
Greece has been bailed out "many times", with "heavy
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