Backing down on Greece's debt is the safest, most rational option | John Quiggin

If Greece leaves the EU, the European project is over. If it leaves the euro and recovers, austerity is done for. The best option is a backdown on Greek debt

Lots of people have raised the suggestion of applying game theory to the the Greek debt crisis. I haven't attempted this, reflecting my general scepticism about game theory in the absence of a well-defined strategy space.

But now the Greek government and public have made what is, in effect, a final move.

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