Thursday, February 19, 2015

What Germany Owes Greece

by Clive Crook


February 19, 2015

How much does it matter, if at all, that Greece's demand for a new bailout program with softer terms is being pressed by a new government, elected for that very purpose -- a government that retains solid support even as its standoff with other European Union governments drags on? How much does democracy matter in a situation like this?

In a column for Project Syndicate earlier this month, Joseph Stiglitz, Nobel laureate and professor of economics at Columbia, said it mattered a lot:
If Europe says no to Greek voters' demand for a change of course, it is saying that democracy is of no importance, at least when it comes to economics.

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