a Grécia vista de Harvard

1. The tentative agreement with creditors reached this week is much less favorable to Greece than what was on the table last fall.
2. The Greek team found out that in a restructuring, the debtor isn’t in the driving seat; and that Mediterranean posturing can win you more enemies than friends in Brussels and Berlin.
3. For ordinary Greeks, who were told by their politicians that there was an alternative way out, and that the EU would fold, it is certainly a rude awakening.
4. The Greek problem isn’t, as Krugman insists, a classic problem of macroeconomic policy. It’s primarily a problem of an economy rendered uncompetitive from state inefficiency and political turmoil.

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