Argentina Shows Greece There May Be Life After Default
Joseph E. Stiglitz, Martin GuzmanWhen, five years ago, Greece's crisis began, Europe extended a helping hand. But it was far different from the kind of help that one would have wanted, far different from what one might have expected if there was even a bit of humanity, of European solidarity.
The initial proposals had Germany and other "rescuers" actually making a profit out of Greece's distress, charging a far, far higher interest rate than their cost of capital. Worse, they imposed conditions on Greece -- changes in its macro- and micro-policies -- that would have to be made in return for the money.
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