How Much Is That Euro Worth?

So one week ago, I’m at a dinner in Amsterdam and, inevitably, the topic of Greece and the euro comes up.  A Dutch book editor goes into a tart little diatribe about how outrageous it is for Greeks to have gladly taken massive loans yet now bristle at being forced to repay at least part of the money. I ask if she thinks Dutch people resent that. The Dutch, along with the Germans and other “responsible” northerners, are the likely ones to have to make up for whatever countries like Greece don’t pay. “Yes, we resent it,” she says. I pose what seems a logical followup: “Do you want out of the euro?” She and the Belgian translator across from her look stunned and reply in unison: “Of course not!”

Go to my piece in The New Republic.