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Richard Parker

Papandreou’s fall

A desperate attempt to save Greece failed, and at high cost

By Richard Parker

 |   

  November 15, 2011

For two years, Europe’s political, business, and press elites have produced disastrous diagnoses and even more disastrous prescriptions for Athens’ ills. To many, it must seem that Dionysian Greece-after precipitating this crisis two years ago by failing its Apollonian neighbors with reckless borrowing and overconsumption-has once again failed us. But it’s not true-and in maintaining it we’re denying the larger illness we all suffer, and the larger disaster we all now face. The Brussels agreement was in fact an improvement for Greece over its immediate predecessor, crafted in Brussels in late July.

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