Greece: No escape from the inevitable | VOX, CEPR’s Policy Portal

via, and with thanks to Peter Dorman : "Economic Wisdom in Germany"

Greece: No escape from the inevitable | VOX, CEPR’s Policy Portal

Claims that ‘austerity has failed’ are popular, especially in the Anglo-Saxon world. This column argues that this narrative is factually wrong and ignores the reasons underlying the Greek crisis. The worst move for Greece would be to return to its old ways. Greece needs to realise that things could actually become much worse than they are now, particularly if membership in the Eurozone cannot be assured. Instead of looking back, Greece needs to continue building a functioning state and a functioning market economy.

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