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July 7, 2015

A Corpse Can't Carry Out Reform in Greece. Here's What Can.


No country -- including Greece -- should expect to be offered debt relief on a silver platter; relief must be earned and justified by real reforms that restore growth, to the benefit of both debtor and creditor. And yet, a corpse cannot carry out reforms. That is why debt relief and reforms must be offered together, not reforms "first" with some vague promises that debt relief will come in some unspecified amount at some unspecified time in the future (as some in Europe have said to Greece). With both sides at fault, it is important for them not to lose the future by squabbling endlessly over the past.

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