News from Greece keeps getting worse. The recession is deeper than expected, social tensions are rising and the government says its 2011 deficit target will be hard to meet. Many analysts surely feel vindicated; they have long argued that Greece’s program will fail. Yet they were and remain wrong. Greece faces a political and economic crisis—debt is only a symptom, and there is no point in treating the symptom but not the disease. For that, Greece needs to keep on its current path.
Read the full version of my article on the National Interest website.