Only a partial derailment, I guess..

  • Adjustment period fro Greek economy 10 years
  • Debt restructuring not a magic bullet, has contagion risks
  • Restructuring not inevitable
  • Restructuring would not impact world economy in major way

On the US, Blanchard said:

  • Recovery weak, housing to remain dead for a while
  • US needs low rates for another year
  • Inflation is a non-issue for US economy