Jeff Sachs tells the Greeks to vote NO

3 July, 2015 at 17:56 | Posted in Economics | Leave a comment

Microsoft Word - Vote NOGreece’s debt burden is unsustainable. This week, Greece defaulted on its payments to the IMF, rightly choosing pensions over debt service. The country’s creditors should now negotiate a consensual debt reduction through some combination of lower (and fixed) interest rates, reduced face value of debt, and very long maturities …

I propose a four-step path out of the Greek crisis. First, I recommend that the Greek people give a resounding “No” to the creditors in the referendum on their demands this weekend.

Jeff Sachs

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