So Whose Problem Is Greek Debt, Anyway?

The Greek government has refused to accept any more loans to meet future debt obligations, claiming that as Greece is insolvent, lending it more money simply makes matters worse. This move seems to have caught everyone by surprise, but in fact it was clearly signalled by the leader of Syriza before its election victory. In an “open letter to the people of Germany” published in Handelsblatt on January 13, Alexis Tsipras explained why Germany should support debt reduction for Greece (my emphas...