A Yale economist’s take on the Greek debt crisis

In a referendum on Sunday Greek voters overwhelmingly rejected proposals for further austerity measures to deal with the country’s debt crisis.
In the vote’s aftermath, Greece and its European creditors are struggling to agree on new bailout terms to prevent a complete collapse of the Greek economy.
If no agreement is reached by July 20, Greece will default on a $3.9 billion bond repayment to the European Central Bank (ECB), which could force the cash-strapped nation to begin printing its own national currency.
Costas Meghir, the Douglas A Warner III Professor of Economics at Yale University and a native of Greece, spoke to YaleNews about his take on the referendum and whether a resolution to the debt crisis is still possible. A transcript of that conversation follows.s