A bankruptcy plan to rescue Greece

Far better than Greece's current unrealistic rescue plan would be to let it, and Portugal, default inside the union and use a rescue fund to help them rebuild.

Two years ago, most European policymakers still believed that Greece would pull through. They lacked experience in managing financial crises. They did not even consult policymakers in other parts of the world who had dealt with crises in previous decades. Armed with ignorance and arrogance, they ended up repeating the mistakes of everyone else. They thought they were clever when they came up with the idea of an expansionary fiscal contraction. They also thought that a voluntary private sector involvement could really help.

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