4 ms·

Piketty, Stiglitz and Krugman support a No vote, so if the Greek people are wrong on this, at least they'll be wrong in esteemed company. http://www.theguardia

Piketty, Stiglitz and Krugman support a No vote, so if the Greek people are wrong on this, at least they'll be wrong in esteemed company. http://www.theguardian.com/world/2015/jul/03/greek-referendum-what-the-experts-say http://www.theguardian.com/world/2015/jul/03/greek-referendu...

mike_hearn 11y ago
Not really .... their rationale isn't very good. Krugman disappoints, as is often the case. His logic is, "an elected government made unreasonable demands on other nations and when they refused, this was those countries attempting to replace the Greek government". Well, no. It's just them refusing a bum deal. If the result of that is Syriza falls, that'll be the Greek's doing, not the EU. Heck, the Eurozone FinMin's have been incredibly patient with Greece. It cannot be easy to negotiate professionally with people who are constantly calling you Nazis and terrorists for simply attaching some conditions to yet another loan.
- DenisM 11y ago
  Krugman could have done a better job explaining his argument, but I think it's solid at the core: there is nothing to gain for the Greek from more austerity, that will only lead to further contraction of the economy. Greece needs inflation, not deflation.
- raesene9 11y ago
  Yep it is amazing they've been this measured, however that is the European way. Unfortunately I think that reserve causes them to come off worse in the media war, as the other side are very quick to make bombastic statements and there's not a lot of people on the other side pointing out the, rather obvious, logical issues with them.
- hackuser 11y ago
  > the Eurozone FinMin's have been incredibly patient with Greece I'm not sure they have. It's just rhetoric to offer obviously unacceptable terms and blame the other party for not accepting them, and it's old-fashioned cruelty to starve a debtor who obviously cannot pay. I'll add that it's less than persuasive to dismiss Piketty, Stiglitz and Krugman so easily. Their credentials don't make them right, but it takes more than that to write them off persuasively.

mike_hearn 11y ago

Not really .... their rationale isn't very good. Krugman disappoints, as is often the case. His logic is, "an elected government made unreasonable demands on other nations and when they refused, this was those countries attempting to replace the Greek government". Well, no. It's just them refusing a bum deal. If the result of that is Syriza falls, that'll be the Greek's doing, not the EU. Heck, the Eurozone FinMin's have been incredibly patient with Greece. It cannot be easy to negotiate professionally with people who are constantly calling you Nazis and terrorists for simply attaching some conditions to yet another loan.

DenisM 11y ago
Krugman could have done a better job explaining his argument, but I think it's solid at the core: there is nothing to gain for the Greek from more austerity, that will only lead to further contraction of the economy. Greece needs inflation, not deflation.
raesene9 11y ago
Yep it is amazing they've been this measured, however that is the European way. Unfortunately I think that reserve causes them to come off worse in the media war, as the other side are very quick to make bombastic statements and there's not a lot of people on the other side pointing out the, rather obvious, logical issues with them.
hackuser 11y ago
> the Eurozone FinMin's have been incredibly patient with Greece I'm not sure they have. It's just rhetoric to offer obviously unacceptable terms and blame the other party for not accepting them, and it's old-fashioned cruelty to starve a debtor who obviously cannot pay. I'll add that it's less than persuasive to dismiss Piketty, Stiglitz and Krugman so easily. Their credentials don't make them right, but it takes more than that to write them off persuasively.