Tuesday, July 28, 2015
  1. The IMF’s Euro Crisis

    Ngaire Woods

    The IMF’s Euro Crisis

    3

     identifies six lessons that the Fund failed to apply in the Greek bailout.

    Christine Lagarde IMF/Flickr

    Over the last few decades, the IMF has learned six important lessons about how to manage government debt crises. In its response to the crisis in Greece, however, each of these lessons has been ignored. READ MORE

  2. Depression’s Advocates

    J. Bradford DeLong
  3. The Eurozone’s German Problem

    Philippe Legrain

    The Eurozone’s German Problem

    14

     explains why Germany’s massive current-account surplus is the main threat confronting the eurozone.

    Angela Merkel European People's Party/Flickr

    It cannot be Greece’s fault that the eurozone economy as a whole – in which it plays a miniscule role – is faring worse seven years after the start of the crisis than Europe did during the Great Depression of the 1930s. In fact, the real problem in the eurozone is not Greece’s debt, but Germany’s beggar-thy-neighbor policies. READ MORE

  4. Moving on From the Euro

    Kevin Hjortshøj O'Rourke

    Moving on From the Euro

     calls Europe’s monetary union a failed experiment that should be abandoned to avoid further damage.

    euro bills Kevin Harber/Flickr

    It has been obvious for some years that the “actually existing EMU” has been a costly failure, not just economically but politically. And yet most economists, even those who were never keen on Europe’s monetary union in the first place, have been reluctant to make the argument that the time has come to abandon a failed experiment. READ MORE

  5. Why the Greek Deal Will Work

    Anatole Kaletsky

    Why the Greek Deal Will Work

    52

     bucks the conventional view that the latest bailout agreement dooms Greece to permanent depression.

    Alexis Tsipras Wassilios Aswestopoulos/ZumaPress

    Most economists and political commentators believe that the latest Greek bailout was little more than an analgesic. It will dull the pain for a while, but the euro’s problems will metastasize, with a dismal prognosis for the single currency and perhaps the EU as a whole. But the conventional wisdom is likely to be proved wrong. READ MORE

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