They say you can learn from the classics. So here are my bullet points on the heroic struggles of Europe’s ancients.
How Greece did it:
1. Get money from EU in return for reforms.
2. Tell EU/IMF you need to hold referendum in order to get population on board.
3. Abandon referendum when rest of Europe says this is devious and should have been discussed up front.
4. Bicker and look ridiculous.
5. Leave Euro and return to Third World.
(6. Feel really bad when Turkey joins EU and takes commitments seriously.)
How Italy could do better.
1. Tell EU you need to hold referendum in order to get population on board.
2. Form government of national unity. Agree comprehensive package of labour market, justice system and fiscal reforms with EU/IMF to be overseen by IMF.
3. Don’t bicker. Hold referendum in January.
4. Implement reforms under IMF oversight.
5. Remain in Euro and begin to be respected member of First World instead of being resident joke member.
(6. Not have to feel bad when Turkey joins EU and takes commitments seriously.)
But which option to go for?