9 years ago
Needed: Large Greek Devaluation or Large-Scale Transfers to Greece. With Bonus Godwin's Law Violation!
Consider that the IMF had already expected the Greek economy under baseline to shrink by 4%-points, and for fiscal consolidation to shrink the Greek economy by 3%-points, and we have 4/5 of the damage to the Greek economy--relative to a counterfactual forecast under some zero-spending-austerity baseline was due to austerity.
Continue Reading
http://www.bradford-delong.com
-
Austerity and the Greek Depression
If the austerity was necessary, so was the depression-level slump — a slump that has left Greece’s debt ratio far higher after 5 years of hell than it was when the program began. -
Greek Austerity
Greek austerity plan
Join the Discussion