Mohamed A El-Erian
Chief economic adviser at Allianz
Chief economic adviser at Allianz and a member of its International Executive Committee, is chairman of President Barack Obama's Global Development Council and the author, most recently, of 'When Markets Collide'.
Oil prices have been heading south again, with a barrel of US crude recently falling below $42 (1,470 baht) -- the lowest level since March 2009, the nadir of the global financial crisis. And, while last year's sharp price drop was heavily influenced by two large supply shocks, the current decline also has an important demand dimension.
From blaming him for the renewed collapse of the Greek economy to accusing him of illegally plotting Greece's exit from the eurozone, it has become fashionable to disparage Yanis Varoufakis, the country's former finance minister. While I have never met or spoken to him, I believe that he is getting a bad rap (and increasingly so). In the process, attention is being diverted away from the issues that are central to Greece's ability to recover and prosper — whether it stays in the eurozone or decides to leave.