No one seems to really believe the latest bailout plan will work without debt relief. But the only way to get Greece to adopt essential reforms is to pretend it isn’t in the cards.
When the International Monetary Fund (IMF) criticises the European Union’s policies toward Greece as too harsh and threatens not to co-operate, we should pay attention. The IMF, after all, has developed…
Some, including Greece’s ex-Finance Minister Varoufakis, have warned that the bailout’s austerity will strengthen extremist parties like Golden Dawn. They’re wrong.
A far-right protestor carries a noose through the streets of Prague.
Backed into a corner as the banks reached the brink, the Greek prime minister may have fashioned some sort of success, and the prospect of something approaching debt relief a little down the line.
The media predictions are dire, but the reality of the Greek monetary crisis may be less sensational.
Greece’s gross domestic product, shown here in 2010 constant dollars, has plunged since 2008.
RED St. Louis Federal Reserve Bank and Hellenic Statistical Authority
On Sunday, the citizens of Greece voted No on the country’s referendum to accept a package of money in exchange for further austerity measures. Now what? Every armchair economist from Iowa to the Aegean…