The Need For Sustainable Growth

Before last weekend’s referendum in Greece, Laura Alfaro, Dante Roscini, and George Serafeim explored the country’s economic, social, and political crisis. Their insights still stand, even as Greece’s situation changes hour by hour.

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Calling for a referendum asking the Greek people to stay in the Euro might have been a good way out of the brinkmanship of the past weeks, but not after payments to the International Monetary Fund have been missed, and European funding has ended.

These tactics have created high and unnecessary uncertainty that has brought the Greek economy to a standstill. Why pay taxes? Why pay suppliers? Why pay wages? Why pay loans? With what? What does a “no” mean? What does a “yes” guarantee?

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