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Final push for new greek government to save euro

With an election to come by summer 2015, there is a clear need for a new Greek government to restore credibility in order to stop the Greek economy bleeding its way into a vicious deflationary spiral.

And that includes the ability to provide a fair deal to its international creditors, which are still unwilling to accept a fiscal deal that offers Greece a "haircut" of some 30 billion euros (about $43 billion). As an economist who is well aware of Greece's economic and fiscal problems, this is what we must hope for.

We must hope that even though the Greek people are suffering the consequences of a massive, devastating economic disaster imposed by the euro crisis and imposed by a Greek government led by the most right-wing of the right-wing parties, many Greeks do want to see Greece become a prosperous, independent, and modern country again.

But it will not happen that way if Greece's elected leaders refuse to make necessary concessions of this magnitude to creditors. Greece would rather face an election with more or less the same result than keep facing this fate.

Greece must be given at least 2 months to complete its reforms and return to its international creditors with a deal to restore Greece's credibility. Then it can vote in another election or call another referendum on whether Greece wants to continue following the path of extreme austerity or return to a more modest economic, fiscal and trade program.

Even if Greece succeeds in restoring its domestic and international credibility, if it does not succeed on this, and unless the EU and its "saviour" the European Central Bank intervene to provide financial liquidity and support for a possible Greek return to the euro, there is a clear risk that the European Union will use its leverage at any time to force Greece back onto the path of austerity. The European Union is only a tool to be used when the Greek economy fails and the political class refuses to make concessions.

It seems certain that the Greek political class and Prime Minister Tsipras want to get a free run on the country's banks, to make a profit on some of their accumulated losses, and to use this to push for policies that will keep the country in the eurozone, 바카라 a major source of trade, and even an important source of revenue for the EU and the German government.

Even if that happens, the euro zone will want Greece to default on the IMF debt that remains on its books, to avoid the prospect of a hard landing with consequences beyond the financial sector.

This would put additional pressure on both Greece and the EU to get their hands on more capital, which may not be available if Greece leaves the euro in the short term, but which, if it were needed, could be provided with the necessary fiscal capacity if necessary.

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