Wednesday, July 15, 2015

The Eurozone Must Change

I don't have time today for a full post, but I just want to reiterate what I said yesterday. Eurozone leaders are patting themselves on the back for having prevented Greece from abandoning the euro. But their "solution" is merely another futile exercise in temporizing, kicking the can further down the road and Greece once again in the gut. The IMF minces no words on the futility of this maneuver, and Eurozone leaders knew this before they forced Greece to sign the agreement:


Dans un rapport publié mardi mais dont les autorités européennes ont eu connaissance le 11 juillet, soit avant que l’accord qui conditionne un nouveau plan d’aide à Athènes ne soit signé, le FMI estime en effet que la dette grecque ne peut être viable qu’« avec des mesures d’allégement ».
Continuing with this denial is madness. It will end badly.