Now that the Greek public has thumbed its nose at Greece's international creditors by voting "no" in a referendum on their most recent bailout offer, negotiations with Greece on further bailouts should be summarily terminated.
While Americans celebrated a long-ago victory against British colonial overlords, the small but proud nation of Greece stood up to reject the failed austerity economics proscribed by European bureaucrats that has driven the country into a debt-driven dependency and depression.
I've publicly supported Greek Prime Minister Alexis Tsipras's decision to go hold a referendum on the terms of an agreement proposed by Greece's creditors, mainly the IMF, in exchange for additional financing for the country.
With Greece again appearing to be edging towards the brink of a "Grexit," financial markets are sensitive to daily headline news about EU negotiations, and what a potential default would mean now for Greece and EU integration policy.
Deflationary forces have been kicking up turbulence in Europe, prodding eurozone leaders to finally embrace quantitative easing (QE) as a way to drive economic growth.
The Greece-Europe marriage can and must be saved. A reasonable accommodation is quite possible because of the win-win vs. lose-lose potential. Not only would an unstable and weakened Greece be bad news for itself, it would also be very bad news for the entire European Union.
Inside sources report Greek Finance Minister Yanis Varoufakis resorted to hostile threats last month as bailout negotiations with the country's creditors faltered.
For all the media frenzy, the complacency of economists, the trumpets announcing a new era, Europe does not want to understand the basic situation it is in. Finance cannot bail Europe out. Only a profound transformation of a regime it cannot sustain will rescue it. Will we need Italy to collapse or another major banking crisis to wake Brussels up?
What does the EU and the West have to fear from a left party and its leader, especially when he remains moderate and states his desire to retain Greece's European orientation?
Depending on the model economists use and the assumptions they make, they estimate a net stimulus that ranges from small to very small. But, behind the word "net," lies a wide spectrum of gains, pains, people, and policies.
Greece is facing front, looking towards the new year and the upcoming January elections. But it would be foolish not to learn from a look backwards, as well.
If you have any spare cash laying around and need of a vacation, Chevy Chase would probably recommend that you go to Europe. The euro currency has dipped to a nine-year low against the dollar. That is good for tourists going to Europe, but is not good for European economic prospects in the long term. Why?
Europe is right on the edge of another downward lurch into prolonged deflation. GDP growth is hovering right around zero. Germany, as an export powerhouse, continues to thrive, but at the expense of the rest of the continent. The euro, which keeps sinking against the U.S. dollar, is now trading at just $1.20, its lowest level in four and a half years. Unemployment outside prosperous Germany remains stuck at over 12 percent. All of this weakens the political center that supports the EU, and increases the appeal of far-right parties. So what does Europe have left? It is a mark of the delusion of Europe's leaders that the EU is putting its chips on a trade deal with the U.S. -- the so-called Transatlantic Trade and Investment Partnership. TTIP is not really a trade deal at all but a series of measures intended to promote further deregulation of economic, financial, health, labor, safety, privacy, and environmental protections on both sides of the Atlantic.
Faced with the deterioration of the situation in which Spanish citizens live, it is necessary to find monetary and fiscal policies, and structural reforms, which are different to those applied so far. It is necessary to use the public sector for economic stimulus.
An international dialogue should begin now. It might open with an invitation to the Troika: Explain why Greece should not start a jobs guarantee policy today.