Paul Krugman on Greece: “There will be no consolation prizes for failing conventionally” — salon.com

Greece and Germany’s economic stand-off is reaching a boiling point largely because of a misunderstanding, argues Paul Krugman in today’s New York Times. Pressure is mounting for Greece to negotiate a deal with its creditors, which include the European Commission, the European Central Bank, the International Monetary Fund and the country of Germany, primarily out of fear that the Mediterranean country will default on its debts. On Sunday, Prime Minister Alexis Tsipras noted that he was committed to ending the bailout program and with it, the strict rules of austerity.

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