Greece is going to default, one way or another, that much is clear. The bigger question is whether it will also leave the euro and what that would mean. What is so far underappreciated is that a Greek exit would have appalling consequences for the climate. Just three months after a second bailout, Greece is failing to deliver its end of the bargain and bond markets are signalling that it will not repay all its debt. The International Monetary Fund, the European Union and the European Central Bank are struggling to deliver a third rescue package.
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