Greece’s Only Option Is Default

Suicides, a neo-Nazi party in Parliament, and a failing medical system. Writing down Greek debt means lenders will sustain short-term losses. But in return they will get long-term stability and economic growth.

This week’s gridlock over Greece’s next round of bailout

funds underscores an unsettling reality that Europeans would do well to realize sooner rather than later: For Greece, default is the only option.

Indeed, a managed write-down in the near future will bring about the best possible outcome for all concerned parties: the Greek people, their investors and the politicians who have staked their careers on combating the crisis. The current economic, financial, political and social environment cannot endure the status quo.

Over the past three years, it has become abundantly clear that the bailout-for-austerity approach is engendering unsustainable fiscal conditions …

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