Tag: new global crisis

Standing At Thermopylae

By Peter Boone and Simon Johnson

No one in official Washington is seriously worried about Greece.  It’s far away, relatively small, and – anyway – “we already sent the IMF”.  Under current circumstances, this is very much like saying 2,500 years ago: We sent 300 Spartans to stand against a horde of Persians, so what’s the problem?

The Greek economic situation is worsening fast – with government bond yields rising rapidly today (currently the 10-year rate is around 7.5 percent).  Unless there is rapid action by the international community, this has the potential to get out of control.

There are three scenarios to consider: the nightmare, the “savior”, and the decision. Continue reading “Standing At Thermopylae”