Lawrence Summers on the global economy

Avoiding a global catastrophe
The Washington Post
June 18, 2012
Commentary by: Lawrence Summers, Charles W. Eliot University Professor and member of the Belfer Center Board of Directors
Topic: Global economy

“Once again good news has had a half-life of less than 24 hours. Just as news of Spain’s bank bailout rallied markets for only a few hours, a Greek election outcome that was as good as could have been hoped did not buoy markets for even a day. There could be no clearer evidence that the current strategy — vowing that the European system will hold, doing the minimum needed to address each crisis as it comes, and pledging at every juncture to build a system that is sound in the long run — has run its course.”

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