Friday, July 3, 2015

James Galbraith Offers His View On The Greek Crisis

I have a lot of respect for Galbraith.  He has spent four years working with Greek officials in an effort to resolve Greeks economic and political issues.  That separates him from economists who have been offering their views on the crisis from a distance.  It also makes him more credible than media pundits who depend upon the opinions of their sources.  Galbraith's main point is that the central issue is not whether Greece wants to stay in the union or whether it wants to solve its fiscal issues.  The debate is really about the details of the austerity plan that is required.  The IMF and European leaders want to impose their austerity plan on Greece.  They will not let Greece implement the plan that it has proposed.  In essence, it is a political debate.  Greece must surrender its sovereignty in order to satisfy its creditors.

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