Opinion has polarized on what the best path is for Greece to take as it struggles out of its debt burden. European politicians are pressing for the country to follow Ireland's example of austerity and debt repayment. But Keynesian economists, led by Nobel Laureate Paul Krugman, argue that austerity merely paves the way to semi-permanent depression. A more humane and economically sensible approach, they maintain, is to allow Greece to default on its obligations and to devalue its way back to competitiveness by leaving the euro, akin to Argentina's default a decade ago and Iceland's more recently. This debate, though, ... (full story)