A Grecian Formula for Courting Disaster. Kenneth Rogoff, July 6, 2015, Opinion, “Following their charismatic prime minister and a pied piper parade of left-leaning economic pundits, the Greek people have voted resoundingly to “reject creditor demands for more austerity.” That’s nice, but who exactly is going to pay for less austerity? For most of the past several years, Greece has received considerably more cash than it has paid out. Although you would never know it from the world press, the so-called austerity that Greece has experienced since 2010 is almost entirely a result of having to rein in budget deficits that were wildly out of control.” Link