Like a storyline out of a classical tragedy, the euro is being punished for the sins of Greece. The Hellenic Republic’s massive debt has shaken market confidence in the common currency and led to a volatile month in its exchange rate. Feeling increasing pressure to intervene, European policymakers have been forced to weigh what is best for the euro against what public opinion will tolerate. For now, none of the choices are appealing. Nonetheless, a decision must be made, and as this game of “financial chicken” unfolds, the only thing certain about the outcome is that no one is likely […]
Greece and Europe Play Financial ‘Chicken’
