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In an op-ed, Professor Thomas Cooley explains why Greece voted "no" to the referendum

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Excerpt from CNBC -- "Greeks have been ill served by their European allies, the IMF, and their government. By failing to acknowledge the inevitable in 2010 and assuming that Greece could reform itself and begin growing again and service its existing debt, the European allies and the government simply extended the pain and increased the damage to the Greek economy. They compounded the error in 2012 with further lending. Two centuries of history tell us what the inevitable outcome must be. Only after a default/restructuring occurs can Greece begin the long slow process of recovery."

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