A Somewhat Sensible Take on Greece

The most sensible commentary at Alt-M tends top come from the former Dallas Fed economist Gerald O'Driscoll. Here he is on Greece:

Contrary to received wisdom, Greece may be better off out of the Euro.  Left to their own devices, including the need to finance sovereign debt, the Greek people and their political leaders might be forced to make the needed economic reforms and to implement fiscal discipline.  The good outcome is not guaranteed, but Grexit from the Euro may be the only feasible way of achieving it.

Alas, it is more likely that the EU and Greek government will muddle through until the next crisis. Perhaps, the next crisis will break out first in another EU country.  Take your pick.