Nobel laureate economist Joseph Stiglitz gave an interview just hours before Greece’s snap election on September 20. He said that Grexit should be viewed as a last resort for Athens. “The Grexit is no good solution, but if the Troika continues to insist on measures that stifle the economy, the Greeks should leave the eurozone,” he said.

Stiglitz says the EU suffers from a democratic deficit. “The problem is that Europe has drawn up rules that people in the Member States through elections no longer can change. “While you could cast their vote again for a new course in economic policy, but then will tell them that due the rules nothing could be changed. “Thats not good for a democracy. Stiglitz says the current program makes the recession only heavier and longer.