Dr. Nicholas S. Economides is Professor of Economics at Leonard N. Stern School of Business, New York University
He is an internationally recognized academic authority on network economics, electronic commerce and public policy.
Immediate Need for a National Salvation Government in Greece Six weeks after the elections, bankruptcy is looming By Nicholas Economides, Stern School of Business, New York University On economic matters, the path of the present Greek government has been disastrous. Diametrically opposite positions are taken by ministers. The minister of economics expresses erratic contradictory positions from day to day, and sometimes on the same day.
The negotiation at the Eurogroup displayed acrobatics and useless extreme confrontation. Many actions were taken for their style rather than their substance. Greece went to the negotiations asking for money, but neither did it receive any money, nor it decreased its debt, but instead was obligated to continue the agreement with the lenders (Mnemonio) without receiving anything in return. All the countries of the Eurozone, including Spain, Portugal, and even Cyprus, followed
the hard line of Germany. Greece found itself completely isolated. Many are worried about the possibility that Greece will leave the Eurozone, the European Union, and even NATO.