Weisbrot, M. (2015) “Greece’s stance against crippling austerity is a fight to save all Europe“, Tribune News Service, 26 Φεβρουαρίου.
Greece has been dragged through a lot of mud in the media over the past few years because previous governments over-borrowed, and that contributed to the initial crisis that – we should remember – Spain, Portugal, Italy and almost everyone else in the Eurozone had to go through.
But the initial crisis could have been resolved relatively quickly. In the United States, which was hit by the explosion of an $8 trillion housing bubble, our recession lasted just 18 months. In Greece it has been six years, with a loss of a quarter of its national income, and more than 25 percent unemployment – and twice that for youth.
By now it is clear not only to the majority of economists, but to most people who are paying attention that this long depression was not only unnecessary but caused directly by bad policies.
The Greek government implemented budget tightening that shrank the economy and worsened the debt burden – which has gone from 115 percent of GDP before the Greeks signed their first agreement with the IMF in 2010, to more than 170 percent today.
Σχετικές αναρτήσεις:
- Sandbu, Μ. (2015) Four misperceptions about Greece, Financial Times, 23 Φεβρουαρίου.
- Norbert Häring: Was it worth it? Concessions to Greece relative to the rejected draft of 16 February, Norbert Häring – Geld und Mehr Blog, 21 Φεβρουαρίου 2015.
- Lizoain, D. (2015) “Which Side Are You On, Jeroen Dijsselbloem?“, Social Europe Journal, 18 Φεβρουαρίου.