A recent Foreign Affairs article draws a parallel between the Greek crisis and how Latvia recovered from its own crisis. The lesson – one that we learn over and over again – is clear: unless accompanied by substantial institutional reforms, neither austerity nor Grexit will work.
I furthermore hope that Tsipras finds the time to read the insightful book ‘Why Nations Fail‘ – it will help him to better understand how functioning, transparent and strong institutions will be a game changer for his country.