The IMF, ECB, and EC are Prepared to Wreck the World Economy to Squeeze a Few Extra Dollars Out of Greece

The NYT piece on the failure of Greece to meet its deficit targets and the response by the IMF, the European Central Bank, and the European Commission should have included a comment from someone pointing out that these institutions are jeopardizing the growth prospects for the world economy in order to try to squeeze some additional money out of Greece for its creditors.

The risk of a Greek default is leading to soaring interest rates on the debt of several euro zone countries and creates a r...