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.
The supporters of Troika have revealed themselves. They are not interested in the Greek people; they are interested in the banking system. We hear views like, "Banks are the backbone of the national economy." But we don't hear anything concerning the Greek people who suffer.
Given the EU's fundamental interconnectedness -- in economic, financial, geopolitical and social terms -- the disruptive impact of each shock would amplify the others, overwhelming the region's circuit breakers, leading to recession, reviving financial instability and creating pockets of social tension. This would increase already high unemployment, expose excessive financial risk-taking, embolden Russia and strengthen populist movements further, thereby impeding comprehensive policy responses.
BUENOS AIRES -- Athens in 2015 will become like Buenos Aires in 2001. Greeks now face the prospect of prolonged capital controls, severe political unrest and eventually a confiscation of ordinary citizens' savings to finance a government's withdrawal from the world.
The June 30 deadline for the nuclear negotiations between Iran and the P5 1 group -- the five permanent members of the United Nations Security Council plus Germany -- to reach a comprehensive agreement has once again been extended. Both the supporters and opponents of the agreement in Iran and the United States have intensified their efforts. But a speech on June 23 by Iran's Supreme Leader Ayatollah Ali Khamenei has attracted wide international attention.
In America, brittle smiles mask the silent scream of the new parent.
It is true that in a referendum, the people speak. But they don't say much. Just a "yes" or a "no." That's why the important part of a referendum isn't the answer. It's the question.
ATHENS -- It seems extraordinary how averse we have become to democracy. How alien an honest leader, who is unwilling to sell the country out in exchange for continuing power, appears. Tsipras is what all leaders should actually be like. We have simply become so accustomed to seeing things through the warped prism of political expedience, that democracy as it should be appears twisted.
It's clear that we should not base our hopes on futile and dangerous solutions, such as returning to the drachma. Let us draw up a long-term plan for the next day, that will turn Greece into a modern, well-governed European country with a strong economy and liberated from the chronic pathologies that pester it.
What will happen next? The unemployed face years of suffering. There will be more European summits, and more commitments that nobody will fulfill. The Greek problem may be fixed in the short run, but at the expense of a long-term solution.
Over the next few days, leaders from cities, local governments and other organizations around the world will gather in Lyon, France. It is an important step toward COP21, the UN conference on climate change that will happen in Paris in December. The bold actions taken not only by local leaders but also by all the range of non-state actors to reduce greenhouse gases place them at the forefront of the fight against climate change.
Many Muslims have taken to social media to express their horror that ISIS is trying to portray Ramadan as a month for jihadist attacks, when it is traditionally a month of celebrating peace.
Right now, too many Americans are working long days for less pay than they deserve. That's partly because we've failed to update overtime regulations for years -- and an exemption meant for highly paid, white collar employees now leaves out workers making as little as $23,660 a year -- no matter how many hours they work.
BEIJING -- I believe your generation will do a better job than mine at fixing the problem of gender inequality. So we turn to you. You are the promise for a more equal world. Great leaders don't just develop people like them, they develop everyone. If you want to be a great leader, develop the women -- as well as the men -- at your companies.
Economies are computers, and the capacity of an economy to generate income is a side effect of that economy's computational capacity. This helps explain international differences in income, as it implies that economies that embody vast computational capacities, such as the economies of South Korea, Taiwan or Silicon Valley, should be richer than those that struggle to compute, like the economies of many Latin American and Sub-Saharan countries.
Ostensibly, both Saudi Arabia and Israel are worried about a nuclear Iran because they see the latter has having expansionist imperial ambitions. Of course, like everybody else in the neighbourhood Iran has proxy groups but perhaps it is not the existential threat posed by a nuclear Iran that worries the Saudis and Israelis as much as the fact that a sanction-free Iran would perhaps be Asia's fastest growing economy with its natural gas, oil and mineral deposits coupled with a highly educated young population.
The United Nations at 70 can look back on a proud record of working with many partners to dismantle colonialism, triumph over apartheid, keep the peace in troubled places and articulate a body of treaties and law to safeguard human rights.
LONDON -- Across Europe, voters are increasingly discontent with political movements that were once part of civic life but have now become appendages of the state -- a governing class that seeks office rather than a chance to represent ideas or groups in society.
COPENHAGEN -- The most revolutionary idea of modern Europe has been to purse the safety of its citizens by opening borders, not erecting barriers. A new European security strategy must make the case that the nexus of security and integration still amount to the formula of European peace. That is a battle that Europe cannot afford to lose.