Paul Krugman at NYT: Ending Greece’s Bleeding

Posted by ETFalpha ⋅ July 6, 2015 ⋅ Leave a comment

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On Vietnam and the World

Paul Krugman: “The truth is that Europe’s self-styled technocrats are like medieval doctors who insisted on bleeding their patients — and when their treatment made the patients sicker, demanded even more bleeding. A “yes” vote in Greece would have condemned the country to years more of suffering under policies that haven’t worked and in fact, given the arithmetic, can’t work: austerity probably shrinks the economy faster than it reduces debt, so that all the suffering serves no purpose. The landslide victory of the “no” side offers at least a chance for an escape from this trap.”