This is Joseph.
When even Greg Mankiw has decided that austerity is probably not the best way forward (he suggests that it would be wise to show "mercy"), then you have probably reached the point where the morality narrative has reached its logical limits. It is also worth noting that the more painful this experience ends up being for Greece, the more likely it is that the Euro group has maximized its size and can only decline from here.
Because who would want to risk ending up like Greece?
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