Grexit: bookmakers put smart money on an unwise move

“The economic argument for Greece staying in the euro is weak. National output is down by a quarter in five years. The debt-to-GDP ratio is heading rapidly towards 200%. One in four people are unemployed and there is widespread poverty.

Demands from Greece’s creditors for more austerity is, in these circumstances, inhumane and economically crass. If Greece was not a member of the euro, but rather a struggling country in sub-Saharan Africa, the IMF remedy would be devaluation, debt relief and a welfare safety net to protect the most vulnerable.

So when the Greek finance minister, Yanis Varoufakis, rails against the stupidity of what is being demanded in return for the dubious privilege of staying in the euro, he is absolutely right.”


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