Authors: Rebecca M. Nelson, Paul Belkin, and Derek E. Mix
Over the past decade, Greece borrowed heavily in international capital markets to fund government budget and current account deficits. The profligacy of the government, weak revenue collection, and structural rigidities in Greece's economy are typically cited as major factors behind Greece's accumulation of debt.
At the center of market upheaval over Europe's debt crisis is Greece, which faces daunting challenges despite a pending bailout. But it should be counted on to muddle through with reforms, writes CFR's Marc Levinson.
Nouriel Roubini and Arnab Das of Roubini Global Economics warn that the IMF and EU should abandon their Greece bailout plans. It's too late; officials are being stubborn; time to move on and restructure Greece's debt and cut interest rates.
Tough new measures by the Greek government to curb debt levels are likely to be welcomed by a nervous European Union, but debate persists on whether the EU will, or should, offer Greece financial assistance.
According to Desmond Lachman of the American Enterprise Institute, Greece is approaching the final stages of its currency arrangement. There is every prospect that within two to three years, after much official money is thrown its way, Greece's euro membership will end with a bang.
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The authors argue that the United States has responded inadequately to the rise of Chinese power and recommend placing less strategic emphasis on the goal of integrating China into the international system and more on balancing China's rise.
Campbell evaluates the implications of the Boko Haram insurgency and recommends that the United States support Nigerian efforts to address the drivers of Boko Haram, such as poverty and corruption, and to foster stronger ties with Nigerian civil society.
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