Greece at a 'Critical Juncture' as it Faces Another Deadline

Greece faces yet another deadline today to submit new austerity proposals, but it’s difficult to say what the nation will present at this critical juncture, according to Economics Professor Wouter Den Haan of the London School of Economics. ‘Both the creditors and Greek government have been very unpredictable,’ said Den Haan. ‘Greece is very keen to get a long-term deal. In the past, all of these deals were very short term and the creditors gave them a little bit of oxygen so they wouldn’t drown.’ Den Haan said a long term deal is essential because Greece needs a credible path toward normalcy and sustainable debt levels in order for its economy to recover. Den Haan said hopefully the creditors will understand that a long term deal for Greece is the best option. Eurozone finance ministers will review the latest Greek plan over the weekend. Den Haan said the economics of the problem are easier to tackle than the politic ones.