No identity: Greek woes still hinder Europe

No identity: Greek woes still hinder Europe


We are told with boring monotony that Greece leaving the euro would represent an ‘existential' threat to the common currency.

I doubt this is true, just as I doubt that exiting would immediately set Greece on its own road to freedom. That is not to say I think the creation of the euro was a good thing for most of the participants.  Far from it – I think it means the eurozone will achieve a sub-optimal rate of growth, and will for the foreseeable future grow more slowly than would have been the case had each country been able to take independent monetary policy decisions.  The problem for Greece is it has no leverage; it is entirely reliant on the beneficence of others. Greece can threaten default, but thi...

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