Greece is at a decisive moment that will determine its future: prosperity in a dynamic European economy or poverty and isolation for decades. Holding a huge debt that it cannot service, it is faced with the dilemma of defaulting, or accepting to carry out an economic program of structural reforms, privatization, efficient tax collection, and shrinking of the public sector. Such a program has been proposed in general terms and is financed by its EU partners and the IMF. Given the catastrophic effects of a unilateral suspension of debt payments, there is no doubt that Greece has to choose the alternative of reform no matter how difficult.
This short article is signed by 19 Greek economists, including most of the founding members of this blog. The full article here.