Haven't similar experiences in the debt crises of the 1980's, Russia in 1998, and Argentina in 2001 taught us that waiting too long to restructure in situations of clear insolvency can be more costly in the end?
This crisis is not happening quickly. It's more of a slow-motion train wreck -- Greece's crisis started in 2009. But that leaves a puzzle -- why is the American stock market not reacting to obvious warning signs?
At this grave hour in which the future of Europe and that of the global economy are at stake, let's not forget that European institution-building has always been more effective when based on the national interests of the member states.
Anyone reading the U.S. press last year would have assumed the Euro would be dead by now. It isn't. Here's guessing the Euro will survive the current crisis -- which would be good not just for Europeans but for the world.
The Greek election should be seen for what it is: a repudiation of the medicine Greece has been given over the past four years -- whether it deserved it or not -- with unintended and unforeseen consequences.