Who is Responsible for the Greek Tragedy?
With a traumatic implosion – economic, financial, political, and social – now taking place in Greece, we should expect heated debate about who is to blame for the country's deepening misery. There are four suspects – all of them involved in the spectacular boom that preceded what will prove to be an even more remarkable bust.
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SEATTLE – Greece is following the road taken by several other crisis-ridden emerging economies over the past 30 years. Indeed, as I argued earlier this year, there are stunning similarities between this once-proud eurozone member and Argentina prior to its default in 2001. With an equally traumatic implosion – economic, financial, political, and social – now taking place, we should expect heated debate about who is to blame for the deepening misery that millions of Greeks now face.