Greece Doesn’t Need a Bailout—It Needs Investors

The Global Financial System Needs to Look Beyond Loans If It Wants to Avoid Future Trainwrecks When Financing Growing Nations

Greek negotiators and their European counterparts have blinked, having tiptoed up to the cliff of European disunion, looked down, and decided not to take the plunge. Global markets have collectively exhaled in relief as a result of a deal announced Monday that buys Greece more time to turn things around and pay its debts.

What’s depressing is that we will likely see this drama play itself out again, as we have before, whether or not the actors on stage are Greece and the European Union or some other over-indebted …