You look at the U.S. budget deficit, and you cannot help but feel that this is a serious accident waiting to happen. And not just a serious U.S. accident, but a serious global accident.
It is time to recognise that austerity alone condemns not just Greece but the whole of Europe to the probability of a painful and protracted era of little or no economic growth. This would be a tragedy not just for Greece and for Europe, but for the world.
Threats of trade protectionism, plus unilateral actions on the exchange-rate front, such as the heavy interventions of China, Japan, and Switzerland in the currency markets - not to mention the retaliatory tariffs recently passed by the U.S. House of Representatives - endanger growth prospects and could further depress financial market confidence.
Our long-term prosperity depends critically on the ability of world leaders to make politically difficult decisions at a time when the global economy is still vulnerable on so many fronts.
Observers and even some officials raise questions about the future of Greece as part of the Eurozone, while the Eurozone itself struggles to deal with fundamental flaws at the heart of its architecture.
Exchange rate understandings are of little use on their own.
The Greek people deserve an economy that is not burdened forever by a heavy bureaucracy and a bloated public sector.
How can the United States preserve its financial and security leadership role when it conducts itself with such ineptitude and such disregard for the consequences for the world?
We remain open to explore options on a voluntary approach built on a realistic outlook for the Greek economy and restoration of Greece's market access.
