Is the Greece crisis the Treaty of Versailles moment?

One does not know how to even sum up the Greece crisis. Despite nearly 5 years of Greece under stress, not only there is no solution. But it has only become worse overtime. All kinds of expertise is being offered and most is actually asking more questions than giving answers. Draghi magic is over and hard reality has sunk in.

The ongoing crisis has many narratives from history. The obvious one is Great Depression which has been an overkill. People have argued on both sides for stimulus and against stimulus and there are both +ves and -ves with each point. Then there are comparisons with 1907 panic and so on.

The Greece crisis and coming agreement is now being compared to similar such events.

In this vein, Prof. Amartya Sen has a piece comparing the upcoming agreement to the one held in Versailles in 1919 which sowed the seeds of second world war. He argues by forcing countries towards austerity and really harsh conditions, we could be in for trouble again. Prof Simon Wren Lewis says Amartya Sen is right.

What times we are living in. Anything can happen..

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