Martin Feldstein, professor of economics at Harvard University, speaks during the American Economic Association (AEA) annual meeting in Atlanta, Georgia this year. Photographer: Chris Rank/Bloomberg

Feldstein Says Greece Will Default on Its Debt, Portugal Probably Is Next

Harvard University Professor Martin Feldstein said Greece will eventually default on its bonds and other euro-area nations may follow, most probably Portugal.
Greece’s fiscal turmoil is now infecting other markets, with Standard & Poor’s this week downgrading Portugal and Spain, as well as Greece. Feldstein said other members of the 16-nation euro area may also default, with Portugal the main candidate.