Greece’s high price to ruin

Inset: 'The Global Economy In Turbulent Times" by Prof Tan Sri Lin See Yan. He is seen at the book launch. on Monday June 15. Picture shows a Greek flag fluttering in the wind as tourists visit the archaeological site of the Acropolis hill in Athens, Greece July 26, 2015. - REUTERS

Lessons from the harsh deal

NOBEL laureate Joe Stiglitz is right – the Greek debacle is “about power and democracy much more than money and economics.” Isn’t Europe all about democracy? So, why was the July 13 deal of preconditions to negotiate a third Greek bailout a total surrender? Indeed, it was a worse deal than the one Greek voters rejected in a referendum just two weeks earlier.