Peter Boone and Simon Johnson think so...
No one in official Washington is seriously worried about Greece. It’s far away, relatively small, and – anyway – “we already sent the IMF”. Under current circumstances, this is very much like saying 2,500 years ago: We sent 300 Spartans to stand against a horde of Persians, so what’s the problem?
The Greek economic situation is worsening fast – with government bond yields rising rapidly today (currently the 10-year rate is around 7.5 percent). Unless there is rapid action by the international community, this has the potential to get out of control.
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