12th February 2015
This article first appeared here on the Project Syndicate site. It was written by Joseph E. Stiglitz, a Nobel laureate in economics.
What is needed is not structural reform within Greece and Spain so much as structural reform of the Eurozone and a fundamental rethinking of the policy frameworks that have resulted in the monetary union’s spectacularly bad performance. Failure to restructure Greece's debt would be a failure of democracy and morality.