Greece was screwed up and then it got screwed over.

It Took Olivier Blanchard 5 years to state the obvious: There is a limit to the amount of beating the Greek Society (and any other for that matter) can take without violating fundamental human rights and  democratic principles. There is also a limit to the rate of economic adjustments you can make without destroying the economy itself, much like you cannot possibly slow down a heavy plane in risky maneuvering without increasing the risk of it stalling and crashing. As always the truth is in the middle and so is guilt in matters of failed loans. For a long insufferable time that guilt is being sought on the Greek side. This has been preventing the Greek society from entering a long, painful self critique process which will help heal its pathologies: when everybody is pointing and waving their self righteous finger at you, you rally together and deny any and all wrong doing. While Greeks maintain the country got “screwed over” its creditors claim it was “screwed up” to begin with. Both are true and hence O. Blanchard is right about sharing the pain. If only its creditors backed off a bit the country may find the strength to reform itself. This is the bizarre situation the Greek society is currently in: desperately seeking a chance to question itself.

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