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While the conventional wisdom is that Europe will never let Greece slide into default, Germany has been quietly preparing for just that.
We now learn that Germany is far deeper in Greece insolvency preparations than conventional wisdom thought possible [...] yet it is not only Germany that is getting ready for the inevitable. So is Greece.
The Greek government should officially declare itself bankrupt and begin negotiating an even bigger cut with its creditors. For Schäuble, it is more a question of when, not if.
"The Greek state has gone bankrupt, let's face it," the conservative daily Kathimerini said in an editorial.