The Greek tragedy and euro area fragility seem destined to continue.
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Olivier Blanchard has, with his customary clarity and candor, addressed criticisms of the IMF’s role in Greece’s financial rescue. His blog post deserves careful reading and consideration.
On the anniversary of the Greek bailout and the Schuman declaration, we should step back and loosen European ties.
The IMF should recognize its responsibility for the country's predicament and forgive much of the debt.
Where others have failed miserably, will the new Greek prime minister finally be the one to undermine the Szász axiom? If he does, that will be a victory for Europe.
For about five years now, Greece has been giving the euro area authorities a test in economics and politics. The test must be retaken until the authorities produce the right answers.
Today, Greece offers an opportunity to modestly test the eurozone’s pressure points.
The great challenge today is to undo the legacy of Kohl’s rhetoric. Breaking up the euro is too costly. Thus the task is to weaken the ties that bind while preserving the peace and unity.
The ECB has become a safety net for dealing with near-insolvency conditions.
Forcing deeper austerity upon fragile economies is destructive.
The epic battle between Argentina and a group of U.S. hedge funds illustrates a fundamental flaw in the sovereign bond market.
Deflation is likely to be a country-specific phenomenon, requiring counter measures at the country level.
Without any changes in the political structure, the OMT invokes moral hazard in the actions of the member states and unfairness in the distributing the burden of distress.
The Italian economy has barely grown since it joined the euro area in 1999.
It's possible that a society of educated people is likely to be more cultured and scientific-minded than one of non-graduates, and this should have positive externalities in the form of better political discourse and higher culture. There is, however, little evidence of this in practice.
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