Ireland Can Show Greece a Way out of the Crisis

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/ec138fb2-524c-11e1-9f55-00144feabdc0.html#ixzz1mU4baY1p The generosity of the world is again being wasted on Greece. As officials meet in Athens to thrash out the details of the latest bail-out, we must urgently recognise that our approach to understanding the crisis is flawed. Greece has so far been analysed through either a fiscal or a Keynesian lens. The fiscal view argues Greece can only be fixed by raising taxes, cutting spending and restructuring debt. The Keynesian one says these measures hurt growth and tax revenues and so undermine the very purpose of the policies.