Κυριακή, 23 Οκτωβρίου 2011

Loans didn't help Greece recover – but it was austerity that turned a crisis into a disaster

Dave Simonds Greece 23.10.11
The 'bailout' offered to the Greeks will have seen its economy contract 15% by the end of next year – a chilling illustration of what happens to economies starved of growth


Unemployment is at 16.5%; businesses are failing; civil servants have faced deep pay cuts; public services are being slashed. Far from being "rescued" or "bailed out" by its eurozone neighbours, Greece has been plunged ever deeper into the worst economic crisis in living memory, and it should be no surprise that protesters have taken to the streets.


Greece, and any other countries still failing to make the grade, could be elbowed out, leaving a smaller "hard euro" area centred on Germany.


(ένα μικρό απόσπασμα από την Guardian μαζί με την "έμπνευση" τους........)

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