Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


Germany’s vice chancellor says that a possible Greek exit from the euro has “lost its terror.” Paul Krugman isn’t happy about that:

I find their lack of terror … disturbing.

I’m not saying that Greece should be kept in the euro; ultimately, it’s hard to see how that can work. But if anyone in Europe is imagining that a Greek exit can be easily contained, they’re dreaming. Once a country, any country, has demonstrated that the euro isn’t necessarily forever, investors — and ordinary bank depositors — in other countries are bound to take note. I’d be shocked if Greek exit isn’t followed by large bank withdrawals all around the European periphery.

….My advice here is to be afraid, be very afraid.

Fine. I’m afraid. But here’s my question. Like Krugman, I find it hard to imagine a scenario in which Greece stays in the euro. But is there any way for Greek exit to happen in some non-scary way? The problem of contagion remains real no matter how Greece leaves, and the problem of panic probably isn’t solvable either. After all, Greece will leave the euro if and when other countries refuse to pony up more aid, and if that happens then Greece is doomed. What’s more, this isn’t the kind of thing you can plan for. Any planning for a Greek exit would inevitably become public very quickly, and that would do nothing except generate panic even sooner than the actual exit itself.

So if Greek exit really is inevitable, what’s the argument against the German position? Why not go ahead and talk about it soothingly, do whatever contingency planning you can behind the scenes, and then hope for the best?

GREAT JOURNALISM, SLOW FUNDRAISING

Our team has been on fire lately—publishing sweeping, one-of-a-kind investigations, ambitious, groundbreaking projects, and even releasing “the holy shit documentary of the year.” And that’s on top of protecting free and fair elections and standing up to bullies and BS when others in the media don’t.

Yet, we just came up pretty short on our first big fundraising campaign since Mother Jones and the Center for Investigative Reporting joined forces.

So, two things:

1) If you value the journalism we do but haven’t pitched in over the last few months, please consider doing so now—we urgently need a lot of help to make up for lost ground.

2) If you’re not ready to donate but you’re interested enough in our work to be reading this, please consider signing up for our free Mother Jones Daily newsletter to get to know us and our reporting better. Maybe once you do, you’ll see it’s something worth supporting.

payment methods

GREAT JOURNALISM, SLOW FUNDRAISING

Our team has been on fire lately—publishing sweeping, one-of-a-kind investigations, ambitious, groundbreaking projects, and even releasing “the holy shit documentary of the year.” And that’s on top of protecting free and fair elections and standing up to bullies and BS when others in the media don’t.

Yet, we just came up pretty short on our first big fundraising campaign since Mother Jones and the Center for Investigative Reporting joined forces.

So, two things:

1) If you value the journalism we do but haven’t pitched in over the last few months, please consider doing so now—we urgently need a lot of help to make up for lost ground.

2) If you’re not ready to donate but you’re interested enough in our work to be reading this, please consider signing up for our free Mother Jones Daily newsletter to get to know us and our reporting better. Maybe once you do, you’ll see it’s something worth supporting.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate