George Will had a good piece yesterday in the Washington Post: So What if Greece leave the European Union? It is a bit acerbic in tone, but accurate in content. I like the Margaret Thatcher quote: "The problem with socialism is that you eventually run out of other people's money.”
We will see if the fact that Greeks took €4 billion out their banks last week is enough to get the new Greek government to rethink its stubborn position or not. They are rumored to have made new offers this morning, but I would guess they haven't offered anything like enough real reforms to convince the IMF and the EU to pour more more down that black hole.
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