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>>Niall Ferguson: The danger in this discussion is it is a little bit like talking in 2008
as if all the problems in the U.S. economy were due to Lehman Brothers.
This is a systemic crisis of European banking and European public finance. And Greece is
a symptom of a much more profound malaise that affects the entire monetary union. So
that's the first point to get clear. And I totally agree with Mr. Papandreou. We've
wasted a great deal of time and energy moralizing about Greece and other south European countries
as if the only problem was the work habits of Mediterranean peoples. I have heard this
from German economists once too often. My response is always, this is a European-wide
problem. >>George Papandreou: I would agree with Niall's
instincts about where Europe is going to go. We may even be in a collision course, if Germany
and Greece don't swerve so we don't crash. And, of course, I think Europe will see that
there is a major danger of disintegration. And there is too much cost in disintegration,
not just Greece but a wider disintegration because there will be contagion.