Martin Feldstein calmly and concisely explains just how much trouble Greece is in.
So Greece faces a triple challenge: the fiscal challenge of cutting its government debt and future deficits; the price-level challenge of reducing its prices enough to wipe out the current trade gap; and the wage-productivity challenge of keeping future wage growth below the eurozone average or raising its productivity growth rate.
One would hope that Greece will be a cautionary tale for many generations. But if history teaches us anything it is that human folly is very deep. And it repeats.