Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that the decisions the Greek government will now face over who to pay will change the course of its crisis.

Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn writes that Greece and its creditors are again locked in a showdown over reforms, cash, and debt relief. Another cliff-hanger ahead of heavy July debt payments looks likely. Extend-and-pretend is a dead end for Greece and an increasingly populist Europe, and a more ambitious agreement seems ruled out by bailout fatigue in creditor countries. Markets are once again underestimating the risks of “Grexit.”

Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that it is time for central banks to debate whether a higher inflation target would improve the operation of monetary policy.