Defaulting May Not Be A Greek Tragedy

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Demonstrators clash with police during a protest against plans for new austerity measures on June 28, 2011 in Athens, Greece.
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Demonstrators continue to protest in the streets of Athens today, amid violence and tear gas. Many Greeks are not happy with their government's upcoming vote on austerity measures, which would mean higher taxes and many spending cuts. If Greece's government does not pass the austerity measures, though, they would be at risk of not receiving a €12 billion bail-out, and becoming the first eurozone country to default.


Dan Gross, columnist and economics editor for Yahoo! Finance, doesn't believe Greece defaulting would be a terrible thing for the country. He speaks with us about his theory.