European Union

No Happy Ending to Greek Financial Crisis (Except for the Greeks)

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"It's hard to see how there could be any happy ending to this story," writes Reason columnist and Mercatus Center economist Veronique de Rugy in The New York Times. She's part of a "Room For Debate" discussion about what should be done regarding the latest International Monetary Fund bailout for the very busted country of Greece. De Rugy notes that unlike Argentina some years back, the Greek situation is more complicated because Greek is part of the euro zone and has no back-up currency. Among other things.

This much is certain: Even as the IMF pushes Greece to show some semblance of fiscal sanity before it coughs up bucks in July, the intervention will fail. And Greek leaders will get some sort of pass on having mismanaged an economy since Hector was a pup.