The Talmud and Greek Debt
There are two ways to look at Greece’s majestically unsustainable sovereign-debt mountain – both correct, though difficult to reconcile. In these circumstances, the Talmud, the ancient repository of Jewish legal commentary – and one of the oldest sources of human thought on morality and economic activity – might hold the key.
BUENOS AIRES – There are two ways to look at Greece’s majestically unsustainable sovereign-debt mountain. There is, first, a pragmatic and short-term perspective, which focuses on ensuring some form of orderly restructuring (possibly for other vulnerable European states as well) without bringing down the eurozone. And there is a “moral” perspective, which focuses on the nature of debt and on the long-term economic consequences of failing to honor it.
BUENOS AIRES – There are two ways to look at Greece’s majestically unsustainable sovereign-debt mountain. There is, first, a pragmatic and short-term perspective, which focuses on ensuring some form of orderly restructuring (possibly for other vulnerable European states as well) without bringing down the eurozone. And there is a “moral” perspective, which focuses on the nature of debt and on the long-term economic consequences of failing to honor it.