Going back to Philip II of Spain in the 16th century, government debt defaults need not be disastrous as long as they accept the reality of their situation. The main problem with Greece is not the prospect of default but the fact that the eurozone has been in denial about its problems.

Alan Beattie is the Financial Times world trade editor, he writes about economics, globalisation and development. Born in Chester, he attended a local comprehensive school before graduating from Balliol College, Oxford, with a degree in history. After taking a master's degree in economics at Cambridge, he worked as an economist at the Bank of England and then joined the Financial Times in 1998.

This event celebrates the publication of his most recent book, False Economy: A Surprising Economic History of the World published by Penguin.

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