From the op-ed by Thomas F. Cooley (NYU Stern and ADEMU Advisory Committee Chair):
“Neither a borrower nor a lender be; for loan oft loses both itself and friend And borrowing dulls the edge of Husbandry.”
— Advice from Polonius to his son, Laertes, in “Hamlet”
On Sunday, Greek citizens were given a Hobson’s Choice — vote “no” on a set of complex proposals and give a pat on the back to a government that has caused a further contraction in their economy with posturing and ineptitude or vote “yes” and back the European allies and the International Monetary Fund, who failed to provide the right kind of help when the crisis emerged five years ago. It’s tough living in the cradle of democracy! But Greece has a long history of ignoring Polonius’s advice and it is worth understanding the two centuries of history that has inured them to their fate…