Joseph Stiglitz: A 'Grexit' Would Be Very Serious for Europe

May 19 -- Columbia University Business School Professor and Nobel Prize Laureate Joseph Stiglitz discusses Greece’s ongoing negotiations with its creditors and possible impact of "Grexit." He speaks with Francine Lacqua on Bloomberg Television’s “The Pulse.”

[YourCRTube]

Don't expect this interview to land on a national television in the EU. I will be surprised if it does.

[TheSaltyAdmiral]

As a Norwegian, it's fun to watch all the insanely indebted nations lecture each other on fiscal responsibility.
Did you guys know that Germany has gone bankrupt 7 times? Only beaten in Europe by Spain's 8. Sometimes it's nice to have some knowledge and perspective before ranting online.

[charlesrogers]

Hi Folks - Have you ever taken note that everything revolves around debt and we we have to worry about the banks, in other words your governments do no control the banks do. Thoughts from South Africa.

[lucius]

The Greek gouvernment is just unable for reform. They never are able to do the job. 5 years of help did not help at all. It is time to pull the plug and force the Greek to take their fate into their own hands. Give them the rest of the last bailout package as a last financial injection and say: Thats it, now the fate of Your own people is in Your hand!

[etienne_laforet]

To my knowledge, it was not the "great" Stiglitz who predicted the financial crisis of 2008, but the german economist Max Otte [who announced it already 2006 in his book »Der Crash kommt« - »The Crash comes«.]

I guess, Stiglitz is wrong - and Otte again right saying that there will be no escape from the greek calamity within the euro zone. [We'll see in three years...]

[megag]

I get that hes a Prof of economics and a nobel prize winner ect, but he doesnt even try to make an effort to suggest some of it "may" be the fault of the people who cooked the books and spent like drunken sailors while nobody paid any taxes.. i mean for fuck sake, if i was a French or German tax payer id be pretty pissed of at the idea of my hard earned cash just being thrown into the shredder. he needs to make an effort to discuss the topic properly

[bobmarley]

i see Germany and France like to talk about a Grexit i say we do exit the euro and repay our dept one euro per year for the next 300 billin years how does that sound to them?

[JAMAICADOCK]

Germany is treating Greece like a former Warsaw Pact country. What's good for the Hungarians and the Poles is good for Greece seems to be the logic. However, the Greek people are naturally Left-leaning; which is in stark contrast to the majority of Eastern Europeans who by and large are reactionary. 

Socialism was forced upon the Czechs, the Hungarians, the Poles by the Soviet Union; whereas, If anything, Greece had capitalism forced upon it by NATO.

In addition, Eastern Europe has a deep-seated antipathy toward Russia. Which means the Poles, Hungarians, the Czechs are more inclined to force down the bitter medicine of austerity if it serves wider strategic interests. Whereas Greece has good relations with Russia and in the Cold War even considered joining the Warsaw Pact.

[slovokia]

Stiglitz is a true believer with an unfalsifiable belief system - but he makes for good TV since he can explain away all possible information that conflicts with his theories.

[nigellbutlerrr]

how can an american who simply is not in europe and has little understanding of europe comment,
just american propaganda,

[dookdawg]

I know he's a well-respected Nobel Prize laureate economist, but I think he's full of shit on the impact a Grexit will have on the Euro Zone as a whole. There's no data to back up his claim -- and there's no similar case study to look at -- it's just his gut feeling. I personally see more reason to have confidence in a monetary zone that puts its foot down and says, you play by the rules or you leave. Ultimately, the ECB's hard line will make the Euro Zone stronger.