French banks Société Générale and Credit Agricole, which have large holdings of Greek government debt and/or Greek banking businesses, are under pressure on Wednesday morning.
Nouriel Roubini, correctly, continues to call for an orderly Greek debt restructuring:
It is time to recognize that Greece is not suffering only from a liquidity crisis — it is also facing an insolvency crisis — thus an orderly restructuring of Greece’s public debt, rather than an EU/IMF bailout that only delays such restructuring and risk making it disorderly, is the appropriate policy response now.
I take it from this that Roubini isn't good friends with Jeff Sachs or Joe Stiglitz, because those two would find Roubini's latest call to action to be that of a total knucklehead.
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