Greece crisis and the best way to cook a lobster

by Stephanie Flanders

BBC News
June 22, 2011

There's an old joke about politicians and the best way to cook a lobster.

The Conservative throws the animal, live, into a pot of a boiling water. The Marxist smashes it over the head with a hammer, then puts it in the boiling water. The Liberal puts the lobster into a pot of cold water, then slowly heats it up.

The international community's approach to the Greek crisis is starting to remind me of the third option.

I'm in Brazil today, and it's the kind of joke they used to tell here. Until recently, this was a continent that used to practise extreme economics. There were dramatic booms and busts, and not much in between.

This did not have a lot to recommend it. It's hard for businesses and economies to develop if the prospect of a national financial crisis is always just around the corner.

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