We have been hearing, for so long now, that the end is nigh in the crisis of the Greek economy that it is hard to take another such warning seriously. The problem of Greece, like so many others, seems to have no end, no resolution and, even, no point. Unless, that is, you are a citizen of Greece. Then it is your life.
But now, as Bloomberg has been reporting, the Greeks may be running out of road. Mark Deen and Stephanie Bodoni write:
The consequences of a default have been widely discussed and speculated upon and or the average American with many other things to worry about, the particulars may not seem especially pressing. At a minimum, it is widely agreed that they won’t be pretty. But a failure of the international arrangements that make Greece a part of the Eurozone would be another crack in the structure of global trade and economic arrangements.
Sort of like the consequences of union opposition to fast track in the U.S., which Charles Lane details quite handily here.
There is a disturbingly, wrong-headed, 1930s quality to all this.
