Greece’s Ongoing Crisis
I find it amusing that back in June I was of the opinion that Grexit was going to happen and most felt it would not. Now that the majority of political and economic leaders asked by the media are quick to opine that Grexit is likely to happen, I am more inclined to believe it will not. In any event, the story of the Greek financial crisis has been one of mismanagement and interesting shifts in political opinions and calculations. Thus, nothing should be ruled out. If the Greek government of Alexander Tsipras decides to play hardball and stick to its guns, so to speak, it will find itself with little to show for all the drama the world has seen these past weeks. However, if the proposal expected tomorrow is focused on economic growth and not simply a rejection of austerity and reform, I expect an agreement. My only fear against an agreement at this point is that stupidity could once again rear its head, as it so often does. While I still feel Greece would be better off in the long run with its own currency, I cannot recommend the pain of adjustment that such a move would entail. Especially when other countries are willing to lend one money to reform – assuming a growth-oriented proposal comes out tomorrow. Fingers crossed, eh.