Greece and the European Union
Greece’s Debacle
A friend sends James K. Galbraith‘s thoughtful article, “From the Destruction of Greece to Democracy in Europe” (Boston Globe, 22 August):
Last year’s third bailout of Greece, imposed by Europe and the International Monetary Fund, does to Greece what Versailles did to Germany. It strips assets to satisfy debts….a quagmire of graft to support an illusion that Greece could “compete” as part of the euro. Already in 2010 the IMF knew it was breaking its own rules by pretending that Greece could recover quickly, sustain a huge primary surplus, and repay its debts….…
