GUARDIAN.UK/ OPINION By GEORGE IRVIN/ "In truth, Greece does have an alternative. Instead of submitting to the ferocious and pro-cyclical conditionality imposed by Germany and the IMF – cutting its budget deficit by 11% over three years in return for a €120bn (£104bn) ($146bn) loan – it could follow Argentina's example in 2001-02, and default on the bulk of its sovereign debt. This would mean abandoning the euro, introducing a "new drachma" and probably devaluing by 50% or more."
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