The Greek crisis... are we standing at Thermopylae?

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.

Posted via email from Jim Nichols