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Politics : View from the Center and Left

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To: Dale Baker who wrote (175166)	11/2/2011 10:32:37 AM
From: JohnM	Read Replies (1) of 541077

They are in for an ugly surprise if Greece has to go it alone. Very ugly. I'm struck by Krugman's reasoning on this one and by the very clear piece from Kevin Drum yesterday. It consists of the "no way out" in which the German banks refuse to advance more credit to Greece and take the "haircuts" which undermines still further the Greek economy speeding a full crash and bringing down many of the major German banks. I can't see how austerity as embodied in the present plans works at all. And can see how it makes matters much worse.

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