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Baseline Scenario
Guess Which EU-15 Country Last Defaulted?
Germany did, in 1948.
“They’ll probably go to the IMF, have a credible standby program and then aid from Brussels and bilateral aid from selected sovereign governments in Europe and the U.S. will be available,” Buiter said in a Bloomberg Television interview. “We could see the first all EU-15 sovereign default since Germany had it in 1948.”
Source: Almunia Says EU Ready to Assist Greece in Budget Plan (Bloomberg)
