By Harry Broadman (original source Forbes)
“Brave Greeks. Sooner or later some member state of the Eurozone would find the courage to speak up about the almost unbearable burden the club’s rules place on a country’s economic officials to make tough policy decisions while tied to a ball and chain. Around the world, nations usually have domestic control over their fiscal as well as their monetary policies. Not so in the Eurozone: only one-half of the policy tool-kit is accessible at the local level.
On June 30, Greece formally fell into arrears with the International Monetary Fund (IMF ). Fortunately for the rest of the Eurozone’s members, it fell to the Greek canary to signal the presence of a highly dangerous leak in the Eurozone coal mine, a leak that had been underway for years, at least a decade. Although it is a bit far-fetched, perhaps the rest of the Eurozone and the IMF should actually consider thanking the Greeks for “volunteering” to conduct the Eurozone’s first real stress test.”
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