What Things Might Be Like If Greece Had Never Joined the Euro
The carnage has been massive
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The International Monetary Fund’s chief economist, Olivier Blanchard, recently asked a simple and important question: “How much of an adjustment has to be made by Greece, how much has to be made by its official creditors?” But that raises two more questions: How much of an adjustment has Greece already made? And have its creditors given anything at all? —James K. Galbraith, Project Syndicate
What if?