Sadly, the “Graccident” has happened. The Greek economy is now in intensive care, as its parts -- and notably its banking system -- grind to a halt. The economy that eventually comes out of intensive care will be smaller and uncomfortably different in form, but it will also have the potential to prosper over the longer term if some important decisions are made rapidly and consistently. The dramatic breakdown in bitterness and acrimony of negotiations this weekend between Greece and its creditors understandably panicked Greeks, who are justifiably worried about their financial well-being. Lines started forming at ... (full story)