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1. Economists React To Greece’s Debt Crisis, Bailout Deal

   15 hours ago | Updated 14 hours ago

   Nick Robins-Early Associate World Editor, The Huffington Post

   After months of contentious talks and a weekend filled with hostile all-night negotiations, Greece’s quest to secure a debt bailout deal looks to finally be coming to a close.

   Eurozone leaders and the Greek government agreed on Monday to talk for a conditional 86 billion euro bailout over three years.

   If all goes according to plan, the deal prevents a Greek exit from the Eurozone, which both creditors and the government in Athens feared could wreak political and economic havoc.

   But the bailout comes at an extremely high price, as the harsh terms of austerity and privatization of state assets in the agreement are exactly what Greece’s left-wing Syriza party was elected to oppose.

   Since the deal broke in the early hours of Monday, prominent economists have been weighing in on what the bailout means for Greece and the future of the Eurozone.

   “In relative terms, it’s a good thing, in absolute terms, it’s a total mess,” Mohamed El-Erian, chief economic adviser at Allianz, told CNBC in reaction to the deal.

   While El-Erian said that global markets should be relieved Greece and its creditors came to a deal, he also warned that future uncertainty would be the long-term result of what he called “the return of gunboat diplomacy.”

   University College Dublin economics professor Karl Whelan considered the domestic political ramifications of the deal, asking on Twitter what those who voted “no” to the bailout proposal in Greece’s referendum will think of agreeing to a similarly austere package.

   Paul De Grauwe, Belgian economist and professor at the London School of Economics, tweeted as the deal was being hashed out on Sunday that the message from Eurozone lenders was clear:

   De Grauwe also spoke out against the tactics of creditors in an interview last week with The World Post, where he compared letting Greece run out of funds to torture, and said of the Eurozone: “This is a union that will not last.”

   Jeffrey Sachs, director of the Earth Institute at Columbia University, similarly wrote about how the bailout talks exposed the broken nature of the erosion.

   Prominent German economist Hans-Werner Sinn, president of the Ifo Institute for Economic Research, also condemned the deal, albeit on quite different grounds.

   “While it will cost the rest of Europe a lot of money, all this money won’t be enough to make the Greeks happy,” he wrote in a statement, according to The New York Times.

   Outspoken Greek economist and former finance minister Yanis Varoufakis, himself a central figure in the talks, tweeted out a link to a lengthy interview in the New Statesman in which he gave his account of the negotiations.

   Varoufakis claims in his account that Eurozone leaders never honestly intended to negotiate in good faith, but instead held a firm line — set by the Germans — that the Greeks must accept the strict program demanded by creditors or leave the euro.

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