[np] Austerity is not Greece's Problem (Ricardo Hausmann)

[David Morris]

http://www.theguardian.com/commentisfree/2015/jul/06/backing-down-on-greeces-debt-is-the-safest-most-rational-option

For the other side (effectively the Troika and the German government),
since Syriza’s move has already been made, the problem has now been reduced
to one of decision under uncertainty.

More precisely, it’s a choice between a “safe” option, with an outcome that
is fairly predictable, and a “risky” option where the outcome is uncertain.

The safe option for the European institutions is to back down, write off
lots of debt and lose a lot of face.

The risky option is to foreclose and force Greece
<http://www.theguardian.com/world/greece> out of the eurozone, leading to a
repudiation of debt.

On Mon, Jul 6, 2015 at 9:37 AM, Thomas Eckhardt <thomas.eckhardt at uni-bonn.de
> wrote:

> 'Economics doesn’t tell us that we need to cut taxes for the rich or cause
> climate change if we really want to help the poor. And “the markets” don’t
> tell us that either. Those are the sentiments of some wealthy people, and
> some politicians who represent them. But they say it in econospeak because
> it sounds so ridiculous in plain English.'
>
> Thanks!
>
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