Jeffrey Sachs, a professor at Columbia University, talks about Greece’s debt crisis and the nation’s future in the euro.
Some quick quotes from his interview:
This is really a very sad mess. The sort of situation which never should have been allowed to come about in the first place.
It shows very poor economic management from the European side.
And basically a lot of intransigence, particularly from the German side, but also from a number of other countires who decided some months ago that they were not really willing to negotiate with this leftist Greek government.
But there is no way that they can push Greece out of the euro since there is no formal mechanism by which this can take place.
What has brought us to this juncture is that while leading economists around the world understand that there must be a substantial program for debt relief, this is not accepted by Germany or Europe more broadly, including until now at least by the IMF.
My opinion is that (a) Greece should default and that (b) it should stay within the Eurozone. And this is not contradictory.
* Video interview available here – http://www.bloomberg.com/news/videos/2015-06-29/greece-should-default-on-debt-stay-in-euro-sachs
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For more on the Greek Crisis:
* FromThinking about Economy and Democracy – here.
* From Network Dispatches on the Greek Crisis – here.
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