Tuesday, June 21, 2011

The I.M.F., Greece and Europe: Who Benefits?

New York Times
Room for Debate
June 20, 2011


Europe’s finance ministers on Monday said they would hold off in sending a new infusion of aid to Greece until July, demanding that the Greek government first agree to spending cuts and financial reforms.

Greece needs the money to stay solvent. The International Monetary Fund was asking the European Union to effectively keep the Greek government afloat if its financing plan fell short over the next year. A Greek default would be twice the size of the two largest defaults in history put together — Argentina and Russia.

What form should an I.M.F. intervention in Greece take, who stands to gain, and what lessons have been learned from Argentina and other national financial crises?


Bailing Out Europe's Elite
Simon Johnson, economist, M.I.T.

Moral Hazard in Greece
Aristides Hatzis, University of Athens

Lessons From Argentina
Alan Cibils, Universidad Nacional de General Sarmiento

Why the I.M.F. Isn't the Solution
Veronique de Rugy, George Mason University

The Advantage of a Clean Start
Eduardo Levy Yeyati, Universidad Torcuato Di Tella

Avoiding the Default Trap
Daniel Gros, Center for European Policy Studies

Prevent Contagion
Edward Harrison, Credit Writedowns.com

Get It Over With
Dani Rodrik, Harvard's Kennedy School of Government

Exit the Euro Now
Desmond Lachman, American Enterprise Institute


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