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A Citizen’s Guide to Greece 2015


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April 10, 2014

Why is the Greek crisis over?

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Written by: DW

By David Wisner

The international news is awash with stories of Greece’s return to the bond market. It is fashionable again for Greece to be in the headlines. The “success story” line is ubiquitous. As Hugo Dixon writes in Reuters, the Greek rebound is “astonishing.”

Why?

First, it is important to acknowledge that the discerning readers of financial and economic news will find warnings. Ralph Atkins offered one in yesterday’s Financial Times. The warnings are aimed at investors, who are told to “beware a heady feeling in Athens.”

The reasons for caution are two, it would seem. Hugo Dixon warns of political stability, with a tired rehearsal of the threat posed by left-wing Syriza. Atkins is concerned that still overdue reforms will be pushed aside by political leaders eager to raise some fresh cash, as is Mohamed El-Erian in CNN Money.

None is overly convincing or offers a compelling understanding of the dynamics of current Greek society, however.

If you are a baseball writer you must loathe the off season. The high priests of finance must similarly be tired of having to talk about social misery and political instability, things they clearly do not like or understand very well.






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