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EFTA01207213 | EFTA01207215 Martin Guzman argued in a separate WorldPost article addressing how Argentina's recovery from default might offer a hopeful example to Greece. Financial analyst Clive Crook asked in a piece for Bloomberg why the failure of austerity policies in Greece is not even on the international creditors' agenda as they push for a new deal. "Yes, the program had failed," Crook wrote. "No, it wouldn't achieve debt sustainability. Absolutely, it was pointlessly grinding down Greek living standards even further. What did that have to do with it?" Creditors, he argues, have done far too little to compromise, all the while blaming the impasse on a Greek government that faces a crashing economy and dire living standards. Kles A woman walks pose barmy') %coding 'NO' in Athens on July 2, 2015. University of Maryland business professor Peter Morici argues that there is no evidence that more austerity will lift Greece out of its predicament. "Neither Germany's finance ministry, nor any other European government or competent private institution, has tabled a credible analysis demonstrating how more austerity and labor-market reforms (read more layoffs and wage cuts) will instigate growth and not result in even bigger losses for bondholders down the road," he wrotefor CNBC. "Another round of austerity would only further pummel the Greek economy, and impose economic deprivation that European leaders should be ashamed to engineer." For Harvard economics professor Ken Rogoff, imposing more austerity on Greece will be useless if the country is not able to push the policies through or remains unconvinced of their effectiveness. Wage of 6 EFTA01207215
May 13, 2026 at 10:16 AM