Greece’s Choice — and Ours: Democracy or Finance?

greek economy

Robert Reich: Greek Prime Minister George Papandreou decided in favor of democracy yesterday when he announced a national referendum on the draconian budget cuts Europe and the IMF are demanding from Greece in return for bailing it out.

From the Top of the Acropolis: How Greece’s Economy Imploded

Propylaea

Steven Hill: When the true size of Greece’s deficit was revealed to the world, the bonds markets went berserk. The interest rates on Greece’s sovereign debt spiked to unheard of proportions, threatening the solvency of the government, and the rest is history.

Greece: Epicenter of the Debt Earthquake?

Papandreou and Obama

Steven Hill: One of the qualities holding Greece back from enjoying the benefits of a more modern economy is its reliance on an informal economy of family and social networks which too often translates into nepotism, back room deals and tax dodging. But during an economic crisis like this, those networks become valuable

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