Greek Debt Crisis: In Defense of Merkel and the EU

At the risk of taking an overly contrarian position on the EU’s handling of the Greek debt crisis, I think that there’s an argument to be made that the best deal was reached for everyone involved at the soonest possible moment. That it didn’t come sooner is a reflection of the institutional and political weaknesses both of the EU and Greece. But I don’t think that earlier versions of the bailout plan, which amounted to symbolic signals, would have effectively held off markets. It’s not certain that this one will either, with regard to the risk of contagion in Spain, […]

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