Richard M. Langworth

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….…

Read More Read More