Reply To: Austerity has failed. An open letter from Piketty to Merkel

[Gallup’s Mirror]

All the number quoting and finger pointing is pointless.

The point is becoming better informed.

If somebody was spending far more than they were making…

That poorly describes the cause of the economic crisis in Greece.

…and had no plans to curb their spending…

This is wrong too. Greece has drastically curbed spending.

…or increase their income…

Wrong again. Greece has raised taxes.

…came to you and asked to borrow a large sum of money just so they could continue current spending habits…

Please.

Greece wants to change the status quo, not continue it.

…and asked for an interest rate under 2% what would your answer be?

I would lower the rate nearly to zero and structure the repayment terms around emergency measures to raise employment rates and boost economic growth, while cracking down on tax fraud and corruption.