With
the Greek psyche itself the victim of a relentless shaming campaign,
the idea of Greece “going it alone” begins to seem outlandish and
quixotic. It is not. But it is as much tied to a revival of spirit
and self-esteem as to the nuts and bolts of economic transformation.
by
Michael Nevradakis
Part
7 - Leaving the “Hotel California”?
Yanis
Varoufakis has famously uttered that the EU (and by extension, the
eurozone) are like the Hotel California: you can check out any time
you like, but you can never leave. It’s one thing, of course, to
understand why a country like Greece—and its economy—may be at a
disadvantage within the eurozone and the EU. It’s another thing,
however, to actually leave these institutions.
In the next
and final installment of this piece, it is the very process of
leaving that will be analyzed. Contrary to a commonly-expressed
sentiment that no coherent plan for a country to depart from the
eurozone has ever been presented, the third and final part of this
series will present some of the proposals that have been developed by
economists and scholars for an orderly departure from the
eurozone–and how some of the challenges and obstacles, which will
inevitably be faced, may be overcome.
***
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