Jan. 6 (Bloomberg) -- Olivier Blanchard, the International Monetary Fund’s chief economist, said today that haircuts for Greece “could have to be larger” and the numbers will have to be worked out.

“The numbers are not good” for Greece, Blanchard said in an interview on CNBC television. “There’ll have to be substantial haircuts.”

He said that Europe is “probably going to be in recession” and that the recent U.S. economic data have been “pretty good.”

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