He's taking a victory lap because post Greek referendum the EU is talking tough.
"So the Syriza government told voters that a no vote would not mean exiting the euro. The Europeans would be so impressed by the will of the voters that they would cave in to Syriza’s demands. No euro exit. Here’s what happened today:
"In the strongest language since the start of the six-month stand-off between the far-left government in Athens and eurozone lenders, EU leaders said the No vote in last Sunday’s referendum had severely constrained their ability to offer Greece aid and warned any new bailout deal would include much tougher terms than those that could have been reached just two weeks ago."
“I am strongly against Grexit but I can’t prevent it unless the Greek government do what they need to do,” said Jean-Claude Juncker, the European Commission president. “We have a Grexit scenario prepared in detail; we have a scenario as far as humanitarian aid is concerned.”
"The decision to invite all 28 countries to Brussels to deal with the Greek crisis is unprecedented; since Greece first applied for a bailout five years ago, such euro-related summits have only been attended by heads of governments in the common currency."
"Earlier on Tuesday, Greek negotiators had stunned eurozone finance ministers by arriving at their meeting without a revised economic reform proposal."
"Does it sound like Syriza was telling the truth? Will the Greeks now negotiate a better deal? Or did they not even bother presenting an offer because they knew the game is over and Grexit is approaching? I’m not sure, but within a week we’ll probably know the truth. My hunch is that a month from now this won’t be viewed as a “victory for democracy.”
http://www.themoneyillusion.com/?p=29864
I know how much Scott loves to gloat which is why it must be frustrating for him to so seldom be right. He certainly was dead wrong about Greece-he had presumed they would never leave the euro.
Actually the Greeks did present an offer but the EU doesn't like it. I said last week that even with the wrong decision-in my view a yes vote-it was a victory for democracy. As for Grexit it remains to be seen-this may be the best choice as Sumner's fellow Market Monetarist Lars Christensen argues.
http://www.themoneyillusion.com/?p=29864
What an anti-democrat like Sumner can't understand-and he admits to being a neoliberal and neoliberalism is by definition anti democratic-is that democracy is sometiung valuable for its own sake. What happened in Greece is a victory of democracy over the VSP-like him-who were so outraged about the vote.
You heard all kinds of red herrings last week that the problem wasn't that Tsipras had called a vote but that the timing was all wrong. If you believe that then you're the kind of reader Sumner would love in the way he never loved me.
http://diaryofarepublicanhater.blogspot.com/2015/07/banned-by-scott-sumner.html
A telltale sing that you're dealing with conservative opposition is when they can't tell you you've done anything wrong just that the process is wrong. For instance the conservatives don't claim that Obama was wrong to do immigration reform just without Congress. Of course, they leave out that Congress had left a Senate proposal on the shelf for over a year.
Conservatives prefer to debate process rather than substance.
The idea that last week was the wrong time for the vote begs the question: if not now, when.
Whether the Greeks stay or leave the euro at this point it's already a victory for democracy-and the work by Christensen and Krugman suggest that Grexit could even be the best of all worlds for Greece at this point.
"So the Syriza government told voters that a no vote would not mean exiting the euro. The Europeans would be so impressed by the will of the voters that they would cave in to Syriza’s demands. No euro exit. Here’s what happened today:
"In the strongest language since the start of the six-month stand-off between the far-left government in Athens and eurozone lenders, EU leaders said the No vote in last Sunday’s referendum had severely constrained their ability to offer Greece aid and warned any new bailout deal would include much tougher terms than those that could have been reached just two weeks ago."
“I am strongly against Grexit but I can’t prevent it unless the Greek government do what they need to do,” said Jean-Claude Juncker, the European Commission president. “We have a Grexit scenario prepared in detail; we have a scenario as far as humanitarian aid is concerned.”
"The decision to invite all 28 countries to Brussels to deal with the Greek crisis is unprecedented; since Greece first applied for a bailout five years ago, such euro-related summits have only been attended by heads of governments in the common currency."
"Earlier on Tuesday, Greek negotiators had stunned eurozone finance ministers by arriving at their meeting without a revised economic reform proposal."
"Does it sound like Syriza was telling the truth? Will the Greeks now negotiate a better deal? Or did they not even bother presenting an offer because they knew the game is over and Grexit is approaching? I’m not sure, but within a week we’ll probably know the truth. My hunch is that a month from now this won’t be viewed as a “victory for democracy.”
http://www.themoneyillusion.com/?p=29864
I know how much Scott loves to gloat which is why it must be frustrating for him to so seldom be right. He certainly was dead wrong about Greece-he had presumed they would never leave the euro.
Actually the Greeks did present an offer but the EU doesn't like it. I said last week that even with the wrong decision-in my view a yes vote-it was a victory for democracy. As for Grexit it remains to be seen-this may be the best choice as Sumner's fellow Market Monetarist Lars Christensen argues.
http://www.themoneyillusion.com/?p=29864
What an anti-democrat like Sumner can't understand-and he admits to being a neoliberal and neoliberalism is by definition anti democratic-is that democracy is sometiung valuable for its own sake. What happened in Greece is a victory of democracy over the VSP-like him-who were so outraged about the vote.
You heard all kinds of red herrings last week that the problem wasn't that Tsipras had called a vote but that the timing was all wrong. If you believe that then you're the kind of reader Sumner would love in the way he never loved me.
http://diaryofarepublicanhater.blogspot.com/2015/07/banned-by-scott-sumner.html
A telltale sing that you're dealing with conservative opposition is when they can't tell you you've done anything wrong just that the process is wrong. For instance the conservatives don't claim that Obama was wrong to do immigration reform just without Congress. Of course, they leave out that Congress had left a Senate proposal on the shelf for over a year.
Conservatives prefer to debate process rather than substance.
The idea that last week was the wrong time for the vote begs the question: if not now, when.
Whether the Greeks stay or leave the euro at this point it's already a victory for democracy-and the work by Christensen and Krugman suggest that Grexit could even be the best of all worlds for Greece at this point.
No comments:
Post a Comment