This week, while the U.S. celebrates its independence, the world watches a modern Greek tragedy unfold as Greece votes on austere bailout terms imposed by the country's creditors. However the vote goes, one thing is clear: The austerity that came with the two previous bailouts has utterly broken the Greek economy. GDP has gone down nearly 30 percent. A quarter of the country is unemployed, including half of its young people. Pensions have been slashed. The health budget has been cut by 40 percent. Suicides are up 36 percent since 2008. The Troika has authored a new Greek myth -- that you can cut your way to growth. And now they're back, demanding more of what's already shattered the economy. The question is will they shatter the spirit of the Greek people? Just as we value our independence, so do the Greeks, who, after all, invented democracy. No matter the outcome of the vote, feeling some measure of control will help keep Greece's spirit alive.
Plans based on common sense of purpose and partnership in problem solving are the basis for delivering the much needed change. There are many areas which should be subject to deep structural reform. The willingness has to be there from both sides.
That whatever has happened (in the name of decency and self-determination, supposedly) during the past few days, the end of negotiations, the closing of the banks, the sudden fall in our economy, place us defenseless in the hands of our creditors.
Many people want to know more about Democratic presidential candidate Bernie Sanders' foreign policy agenda. Yes, they say, we like what Sanders is saying about reducing extreme inequality, about reducing the political power of the billionaire class. But what about U.S. foreign policy?
Unlike many letters from Congress that are ignored by the executive branch, this one might be taken more seriously by the IMF and the U.S. Treasury department -- which is the IMF's most powerful overseer. One reason is that the IMF has been trying for five years to enact reforms in its governance structure that are very important to the Fund and Treasury -- reforms that can't be enacted unless they are approved by Congress.
Let us remind ourselves that we are not David and the Eurogroup is not Goliath. We are both in this together and in order to face the insurmountable challenges ahead -- we ought to work together with our creditors with respect, humility and camaraderie.
For all its genuine achievements, the sad reality is that the once-proud edifice of the European Union has turned into a wobbling house of cards. What has gone wrong? Let me suggest a few of the most obvious weaknesses.
The Europa 2 feels less like a ship than a floating cosmopolitan boutique hotel. When I boarded in Istanbul last fall, I was greeted with a glass of c...
Greece is a nation fearful for its survival -- not because of global warming but because of another human-induced tragedy, debt. Indeed, the debt crisis is so severe that, for all intends and purposes, Greece is not thinking of global warming. She should.
Today is Monday the 29th of July. I am writing this from London, the city where I have built my career and life upon graduating from business school. ...
It's hard to find anything written or spoken about Greece that doesn't contain a great deal of hand wringing about the alleged austerity - brutal fiscal austerity -- that the Greek government has been forced to endure at the hands of the so-called troika.
Looking back at the five months that preceded last Friday night's shock referendum call, it is evident that the government made numerous grave negotiating mistakes.
Defaults are difficult. But even more so is austerity. The good news for Greece is that, as Argentina showed, there may be life after debt and default.
For the last quarter century, which is half of her life, Elpida The Souvlaki Lady has been stationed on 33rd Street at Ditmars Boulevard.
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.
The announcement that the banks and stock market in Greece would be closed was made by the Greek Prime Minister on Sunday, June 28, 2015. Within 24 hours, markets around the world declined in value. There wasn't any country you could escape to for safety.