Warning signs are flashing red. Bond markets are projecting a 98% chance of default on Greece’s debt. Stock prices for French banks heavily invested in that debt have plunged 10% in recent days. Has the European debt crisis hit the breaking point with Greece -- and perhaps others -- soon to exit the eurozone? Or will officials once more cobble together new agreements that keep Greece in the club and prevent a huge contagion effect likely to cripple an already slowing global economy? Wharton finance professors Franklin Allen and Bulent Gultekin offer their insight.

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