É Possível Sair da Crise sem Sentir Dor?

Tem economista que acredita piamente em free lunch e que para sair do buraco basta imprimir dinheiro e jogar de helicoptero. O excelente texto de Mohamed el-Erian considera as alternativas para sair da crise:
First, growth is by far the most desirable approach but, unfortunately, it is also the most difficult one to pull off. As such, it can have disappointingly narrow feasibility.
In effect, this option is available to countries that have very patient creditors, possess the structural conditions for high growth, and are able to capture the value added to pay off liabilities. Otherwise, the dash for growth leads to an even heavier debt burden, and eventually a more painful adjustment.
Second, austerity and growth are only two of the five approaches that countries have pursued in the past to rehabilitate their balance sheets. The others three involve restructuring and/or defaulting on the debt, inflating out of it, and imposing financial repression (by paying creditors a lot less than they deserve).