Europe has a chance to admit its failings over the Greek financial crisis – but it may just keep on diggingDenis Healey had a good rule of thumb for policymakers: when you are in a hole, stop digging. Greece provides a classic example of why the former chancellor was right.Work on the hole Europe has dug for itself began in the 1990s when the flawed plan for monetary union was conceived. Instead of a single currency crowning a process of integration, Europe’s policymakers decided that monetary union would be the catalyst for integration. Far from bringing widely different economies closer together, the euro has highlighted the differences between them.Syriza wants to stay in the eurozone but says conditions attached to the bailout are senseless. It is right Continue reading...
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