By Bill Barclay

Commondreams.org, Lorenzo Gaudenzi/flickr

By Bill Barclay

Everybody “knows” that Greece has too much debt, that is unsustainable and thus a “responsible” government must reduce spending and pay off the debt. And, because Greece is facing some maturity dates in the near future, Syriza won’t be able to implement its program of restarting the economy.

But what “everybody knows” about Greek debt isn’t true. It is important to grasp this, both in terms of the arguments we must win with conservatives over the next few months and to see/support, if possible, a path for Syriza’s economic policies. And, if what “everybody knows” about Greek debt isn’t true, then the demand of Greek sovereign debt holders for immediate payoff, no renegotiation of the memorandum, etc. should be rejected.

Source: Greek Myths – and Realities