Major economies must heed Greece lesson, says Reinhart

Major economies need to “come to terms with their debt” if they are to avoid the problems afflicting Greece, a leading economist has warned.

As fears grow over the risk of a sovereign default in the Eurozone, Carmen Reinhart, director of the Center for International Economics at the University of Maryland, said the UK, the US, Japan, France and Germany need to reduce their budget deficits to ward off investor concerns over debt sustainability.

She even raised the spectre of a stagflation environ

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