06 July 2015

Krugman on Greek Debt Crisis

​If you find the Greek debt crisis confusing, I recommend Krugman's column today, which explains what's really going on quite cogently. 

I believe the world markets will undergo the expected nervous tic, and dip sharply, but, as Krugman says, the Greek economy has for all intents and purposes already collapsed, so the effect on the world economy will not be profound. But this is a test of whether, from the point of view of the less powerful members that don't have superbanks of their own, there is any real value in the European common currency zone. 

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