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Three years on from the collapse of Lehman Brothers we continue to live in a world of high economic uncertainty, and at the heart of this uncertainty is the worsening growth of the main world economies and anticipated future recession due to the eurozone debt crisis. How can we climb out of the European debt mess? Greece will most likely have to default, says IESE economics professor Pedro Videla, but to prevent contagion to Spain and Italy the ECB will be forced to play a central but unseemly role. |