Edmund S. Phelps is McVickar Professor of Political Economy at Columbia University and director of Columbia’s Center on Capitalism and Society. He was the winner of the 2006 Nobel Prize in Economics.
Following the election of a pro-bailout party in Greece on June 17, the new Greek government being formed this week will try once more to negotiate a solution to its intractable debt crisis that will keep it in the eurozone. But how did Greece get into this situation in the first place? Are other countries at risk of falling into the same predicament?