From Jim Geraghty:
On whether Greece should leave the euro, and whether the euro was a mistake from the beginning:
“I think the euro is under the stress that many had predicted. Cobbling together in one currency nations with such different fiscal policies and such different levels of productivity was bound to cause strains that, if not addressed, could imperil the other nations and the currency itself. The fact that Greece has found it difficult to live up to the commitments it made coming into the euro — that has made those stresses even greater. And now you have an extremely threatening setting that has the entire world holding its breath. We’re all concerned about what might happen to Greece and the people there if aggressive action is not taken to restore its fiscal balance and allow it to grow again and start participating fully in the world economy. I can’t predict precisely what will happen. That will depend upon the people of that nation, the leaders of that nation, and the leaders of countries like France and Germany. They may decide that it’s in their interest to try to cover for the shortfalls of another nation, but that is yet to be seen.”
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