Joseph Stiglitz’s influential call on the Greeks to vote ‘no’ in Sunday’s referendum has received attention from all corners of the globe. In this response, Kira Gartzou-Katsouyanni and Philip Schnattinger, critically analyse Stiglitz’s arguments and put forward an argument for a ‘yes’ vote.
Joseph Stiglitz’s call on the Greeks to vote ‘no’ in Sunday’s referendum has received broad international publicity and has given an enormous boost to the ‘no’ campaign in Greece. Yet many of his arguments about both economics and politics are at best one-sided.
Stiglitz talks a lot about the Eurozone’s democratic flaws. Indeed, many of us have participated in discussions about the European Union’s democratic deficit in the past, and there is no doubt that there are ways in which the Eurozone’s democratic credentials can be improved.
But the Eurogroup’s decision not to extend the economic adjustment programme beyond its expiry date was not an example of anti-democratic…
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