Joseph Stiglitz: Eurozone’s problems are political, not economic

Joseph Stiglitz: Eurozone’s problems are political, not economic Europe faces a critical juncture on Thursday – one that may determine not only whether the euro will survive, but whether the global economy will be once again plunged into turmoil.

To an economist what needs to be done is simple and clear: Greece’s debt has to be brought to a sustainable level. That can only be done by lowering the interest rate that Greece pays, lowering its indebtedness, and/or increasing gross domestic product.
http://link.ft.com/r/BLH300/HYY76F/YHT6RI/C5A61G/MS98FJ/VU/h?a1=2011&a2=7&a3=20