Greece should have been given option of assisted Grexit

Arvind Subramanian says the Greek people were deprived of true choices during the recent financial crisis

DEMOCRACY is about real choices. But, throughout their country’s crisis, the Greek people have been deprived of them. For this, the EU and especially the IMF must bear considerable responsibility.

Greece was offered two stark choices: Leave the eurozone without financing, or remain and receive support at the price of further austerity. But Greece should have been given a third option: Leave the eurozone, but with generous financing.