Greece: The view from Wall Street

The media are downplaying the impact of Greece’s woes. Are they off the mark?

Summary: Some parts of the financial press have hyped the story of Greece’s economic woes, but many articles also seek to minimise the effect that a Grexit could have on global investors. Markets had a muted reaction to the Greek vote results, one left-leaning economist argues a vote against austerity is better for Greece in the long run, and another columnist says the potential problems in the inflated Chinese stock market are more significant than Greece. But are these columnists making too little of the Greek situation?

Key take out: The scary possible outcome in Europe is not a Grexit, but the potential for other exits. Letting countries leave the euro does not solve an inevitable result of the currency system’s construction.

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