2017 Editorial Board

Editor-in-Chief

Matthew Zipf

Publisher

Anamaria lopez

 

Design editor

Theresa yang 

Marketing Director

Huhe yaN

arts editors

michelle huang

charly voelkel

lead web editor

poorvi bellur

Managing Editors

amanda kam

dimitrius keeler

shambhavi Tiwari 

karen yuan

Copy Chief

Maggie Toner

Senior Editors

vivian casillas

audrey deGuerrera

brian gao

belle harris

melissa ho

jahan nanji

sheena qiao

bani sapra

nina zweig

Copy Editors

sahana narayanan

song rhee

Lavora, Nonna, Lavora!

The eurozone, in recent days, has started to unravel into even more of a mess than it has been in the past several years. Even after multiple bailouts Greece is still in tatters. It now looks like those who loaned money to Greece may just never get this money back. Private investors in Greek debt may need to take a 50 percent loss rather than the 21 percent loss previously agreed to, according to eurozone finance minister Jean-Paul Juncker. But Greece isn’t even the biggest concern in Europe anymore. Many fear the viability of one of the eurozone’s largest economies. Spain is not the problem, as many had feared, but Italy. Both French President Nicolas Sarkozy and German Chancellor Angela Merkel publicly reproached Italian Prime Minister Silvio Berlusconi over the weekend saying that Italy’s public debt needs “to be reduced in a credible manner in the coming years.”

However, not all of the reforms the eurozone is pressuring Italy to enact are credible. One of the most important is a proposed reform to raise Italy’s retirement age well above the life expectancy in many less developed countries. Berlusconi has been far from receptive, “I’m not touching our pensions, which are fine, to bring up the age to 67 just to please the Germans.”

While many of Berlusconi’s other views and positions may be unsavory, he may have a point. The wave of austerity schemes that have swept the continent have not been extraordinarily successful in containing fiscal crises like the one in Greece and have exacerbated high unemployment in places like Spain and Portugal. While it is imperative to build confidence in Italian public debt, putting grandmothers to work and rushing into new bouts of austerity may not be the best answer.

Rethinking the Past

Defeatism Denied