Greek Rashomon

Back when I was an emerging-markets economist in London, Greece was part of my patch for a time, so I've been watching unfolding events with interest. 

Given it's now more than a decade since I've followed the economy in any detail, I've little to add to the huge amount of commentary already out there. One thing that has struck me, however, is the variety of interpretations of current events. 

I've counted at least four versions (although there is also a fair degree of overlap):

• For euro-area sceptics, Greece's difficulties are all about the problems associated with the single currency, with the discrepancy between monetary union and fiscal and political sovereignty, and with EU governance more generally.
• For Anglophobes and conspiracy theorists, this is all part of a plot by the British and Americans to bring down the euro-area.
• For others this is a story about financial market contagion and destabilising speculators.
• And for those worried about post-GFC debt dynamics, this is a story of excessive government debt and the associated governability issues.

Photo by Flickr user RoninKengo, used under a Creative Commons license.