More on Greek debt
“I don’t think the fiscal squeeze of 16pc of GDP being imposed on Greece—without off-setting monetary or (internal EMU) exchange stimulus, and with a further accumulation of debt to 150pc of GDP—will lead to a stable Greece. It will destabilize Greek society. It is an evil policy. Greece is suffering the entire burden of adjustment: the banks are being entirely bailed out. Our sympathies should be with the Greek people. It is enough to turn me into a Communist.”
A comment left by Ambrose Evans-Pritchard on his own blog entry, Congress blocks indiscriminate IMF aid for Europe.
(Ambrose Evans-Pritchard is about as unlikely a communist as I can imagine)