Paul Krugman has argued that Greek voters should vote to leave the euro. He is right. His argument is macroeconomic: Continued austerity will drive Greece further into the ground whereas exiting the euro, while creating financial turmoil in the short run, would allow Greece to devalue, restore competitiveness, and thereby return to growth. This is a good argument. This is precisely how countries have dug themselves out of the hole since the Gold Standard gave up the ghost. But I believe that there is an even more compelling reason for the Greeks to vote no in the referendum on Sunday.
Why The Greeks Should Vote No
Why The Greeks Should Vote No
Why The Greeks Should Vote No
Paul Krugman has argued that Greek voters should vote to leave the euro. He is right. His argument is macroeconomic: Continued austerity will drive Greece further into the ground whereas exiting the euro, while creating financial turmoil in the short run, would allow Greece to devalue, restore competitiveness, and thereby return to growth. This is a good argument. This is precisely how countries have dug themselves out of the hole since the Gold Standard gave up the ghost. But I believe that there is an even more compelling reason for the Greeks to vote no in the referendum on Sunday.