“Greece and Portugal are probably hopeless...those countries are probably too far gone to be saved by anything that the ECB can do,” according to Michael Darda, chief economist at MKM Partners LP.
He stopped by Bloomberg to discuss the European debt crisis and went on to say that yes, Greece will indeed default.
“The debt load is too high, there's no path to growth and there's no monetary policy that the ECB could actually run -- absent hyperinflation -- that would save Greece. And unfortunately Portugal is next..."
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