Professor Lisa Tripp’s expertise in Greece, the Eurozone and the U.S. healthcare system has led her to become a frequent guest and contributor to CNN. Tripp’s recent opinion piece, Greece the only villain in euro crisis? Don’t believe it!, is paraphrased below. The full article may be read online here.
Europe is in the midst of a political and economic crisis that threatens to unravel decades of European integration and derail the world’s recovery from the great recession.
Because Spain and Greece cannot devalue the euro, the only way they can become competitive is through internal devaluation. This means Greece and Spain are in for years of high unemployment, reduced living standards, falling wages and deflation. In other words, massive impoverization.
Mario Draghi, head of the European Central Bank, famously said: “The euro is forever.” That may or may not be so, but it doesn’t mean that countries like Greece and Spain should stay in the euro forever. Contrary to popular opinion, this crisis cannot be explained away with a moral tale of Greek fiscal irresponsibility. The facts suggest otherwise.
Lisa Tripp is an Associate Professor at Atlanta’s John Marshall Law School, Atlanta Georgia. She teaches Health Care Law, Torts and Remedies.