Greek Crisis. Jeffrey Sachs: Let Greece Default

Jeffrey Sachs Bloomberg

Jeffrey Sachs, a professor at Columbia University, talks about Greece’s debt crisis and the nation’s future in the euro.

Some quick quotes from his interview:

This is really a very sad mess. The sort of situation which never should have been allowed to come about in the first place.

It shows very poor economic management from the European side.

And basically a lot of intransigence, particularly from the German side, but also from a number of other countires who decided some months ago that they were not really willing to negotiate with this leftist Greek government.

But there is no way that they can push Greece out of the euro since there is no formal mechanism by which this can take place.

What has brought us to this juncture is that while leading economists around the world understand that there must be a substantial program for debt relief, this is not accepted by Germany or Europe more broadly, including until now at least by the IMF.

My opinion is that (a) Greece should default and that (b)  it should stay within the Eurozone. And this is not contradictory.

* Video interview available here –

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For more on the Greek Crisis:

* FromThinking about Economy and Democracyhere.

* From Network Dispatches on the Greek Crisishere.

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About the editor:

Eric Britton
9, rue Gabillot, 69003 Lyon France

Bio: Educated as an international development economist, Eric Britton is an American political scientist, teacher and sustainability activist who has worked on missions and advisory assignments on all continents. Professor of Sustainable Development, Economy and Democracy at the Institut Supérieur de Gestion (Paris), he is also MD of EcoPlan Association, an independent advisory network providing strategic counsel for government and business on policy and decision issues involving complex systems, social-technical change, civil society and sustainable development. Founding editor of World Streets: The Politics of Transport in Cities | See Britton online at and @ericbritton

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