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Greece will default on its debts, Ireland could too and Greek Prime Minister George Papandreou and German Chancellor Angela Merkel will be forced out as Europe's financial crisis plays out, author Michael Lewis predicted on Tuesday.
The writer who began his career exposing the culture of excess at Salomon Brothers in "Liar's Poker" is promoting his latest book "Boomerang: Travels in the New Third World," published this week by W.W. Norton.
The book details three years of research and reporting on Iceland, Ireland, Greece, Germany and California, revealing aspects of the global economy's woes and the national characteristics behind them. It follows his bestseller "The Big Short" about the U.S. subprime mortgage meltdown.
"Greece is defaulting, right? They are restructuring. Whatever you want to call it, Greece is defaulting," Lewis told Reuters in an interview. "The only question is how."
"I don't think Merkel is going to survive in Germany and I don't think Papandreou is going to survive in Greece -- they have so alienated their populations," he said.
Lewis believes efforts by European leaders to bail out Greece again and stave off contagion in Ireland, Portugal, Italy and even Spain only put off the inevitable.
Whether he's simply trying to draw attention to his new book, or whether he's speaking the truth, author Michael Lewis painted a grim picture of Greece's future Tuesday when he predicted the troubled nation will inevitably default on its debt.
Promoting his latest work of non-fiction, Boomerang: Travels in the New Third World, Lewis spoke with Reuters about the financial crisis gripping Europe and the future of Greece's economy.
"Greece is defaulting, right? They are restructuring. Whatever you want to call it, Greece is defaulting," Lewis said. "The only question is how."
As to how it will all end up, well it doesn't sound pretty. "It will be very messy," he added, while speculating that European leaders efforts to bail out the country will only temporarily stymie the inevitable -- that being default.
Lewis' book revolves around not just Greece, but also the economies of Germany, Iceland, Ireland and even California. It will be published later this week by W.W. Norton. ... READ MORE
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