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Looking Past Greece to America’s Heartland
The bell is about to toll regarding the future direction of Greece’s role in the euro zone, be it a compliant role of fiscal responsibility or a radical role that will lead to an exit as a member with draconian capital controls being imputed upon it by the International Monetary Fund (IMF) and European Central Bank (ECB). The operating consensus is that a default by Greece will not be systemic to the regional or global financial systems and that German Chancellor Angela Merkel is pulling out all the rational stops to get a deal done, with the latest set of terms being called “generous.” But as of this writing, Greece is still balking.
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