The eurozone was wrong to force fiscal austerity on its members at a time of recession, but its creditors offer a better option than the Greek government Greece is going through difficult times and the eurozone is facing its biggest crisis since it was created 15 years ago. Both sides can be blamed for the current impasse. Greece ran big deficits before the financial crisis of 2008 to finance consumption that it could not afford. It failed to reform its economy to increase the productivity of its labour force and improve its international competitiveness. Related: IMF tells Greece: no debt relief before reforms Greece will have defaulted on its debts and access to international markets will be lost for many years Continue reading...
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