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

[David Morris]

https://twitter.com/ValaAfshar/status/616951520546959360/photo/1

Greek finance minister signing 50% debt relief for Germany in 1954

On Mon, Jul 6, 2015 at 9:42 AM, David Morris <fqmorris at gmail.com> wrote:

>
> 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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