With the Greek psyche itself the victim of a relentless shaming campaign, the idea of Greece “going it alone” begins to seem outlandish and quixotic. It is not. But it is as much tied to a revival of spirit and self-esteem as to the nuts and bolts of economic transformation.
by Michael Nevradakis
Part 7 - Leaving the “Hotel California”?
Yanis Varoufakis has famously uttered that the EU (and by extension, the eurozone) are like the Hotel California: you can check out any time you like, but you can never leave. It’s one thing, of course, to understand why a country like Greece—and its economy—may be at a disadvantage within the eurozone and the EU. It’s another thing, however, to actually leave these institutions.
In the next and final installment of this piece, it is the very process of leaving that will be analyzed. Contrary to a commonly-expressed sentiment that no coherent plan for a country to depart from the eurozone has ever been presented, the third and final part of this series will present some of the proposals that have been developed by economists and scholars for an orderly departure from the eurozone–and how some of the challenges and obstacles, which will inevitably be faced, may be overcome.