The Greek Bailout Crisis Didn’t Have to Happen
http://www.slate.com/articles/business/moneybox/2015/05/greek_bailout_talks_here_s_one_way_to_avoid_ugly_fights_over_sovereign_debt.html
The Greek debt crisis is like the movie Groundhog Day, except it doesn’t look very likely to end with an epiphany. It’s not surprising that, once again, talks over extending the country’s bailout stalled at this week’s meeting of eurozone leaders. The current points of dispute involve pension, labor, and other reforms, which Greece must pledge to enact before the eurozone will offer funds to keep the nation’s government running. Among politicians and bureaucrats, there has been an endless cycle of derision, threats, and grandstanding while the Greeks face a revolving door of rising unemployment, poverty, and homelessness and as hospitals, schools, and other public-sector institutions remain understaffed. It’s only getting worse: Greece is still in danger of defaulting on its remaining loan repayments and being forced to exit the eurozone.
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