Greece still has a choice

O καθηγητής George Irvin προκρίνει μια αναδιάρθρωση χρέους τύπου Αργεντινής, έναντι του Προγράμματος Στήριξης από IMF και Ε.Ε. Γράφει στον Guardian:

Some weeks ago, I had a private exchange about this scenario with Mark Weisbrot of the Centre for Economic Policy Research in Washington. He favoured Argentinian-style default; I did not. But given Angela Merkel’s politically motivated foot-dragging, the failure of the European Central Bank to deal with the problem at an earlier stage and the strongly pro-cyclical nature of the cuts required, I am having second thoughts. […]

Most important, we have not begun to question seriously whether placating the financial markets by means of such cuts is unavoidable. Perhaps it’s time to start thinking the unthinkable: namely, that financial markets should be our servants, not our masters.

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