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Greece and the Flight From Reality
Keywords:
Causes of the debt crisis in Greece and the failure to come to terms with the problem inside Greece
03/03/2010
A estimated one third of the workforce is in the public sector in Greece placing a large burden on the government budget. Nominal private sector labor costs went up by 62% in Greece compared to 15% in Germany for the period 2000-2008. Much of this was done through the government spending of borrowed money. The smaller private sector with only small productivity gains and the weak tax collection was never going to be able to support the large number of civil servants. Carney says the 30,000 reduction in the number of civil servants agreed to for 2010 has not been done, raising questions about implementation of the 150,000 in reductions required by the EU.
Grouped Articles
Greek Debt Crisis: The Back Story
New York Times 08/13/2011
Wall Street Journal 03/03/2010
Athens's Love Affair With the Euro Persists
Wall Street Journal 11/04/2013
BusinessWeek 06/24/2010
The Submarine Deals That Helped Sink Greece
Wall Street Journal 07/10/2010
In Greece, Bailout May Hinge on Pursuing Tycoons
New York Times 02/26/2015
Alexis Tsipras's economic policy, debt, and the economy in Greece before the Jan. 2015 general election
01/28/2013
Grouped Articles
Voices Join Greek Left's Call for a New Deal on Debt
New York Times 01/08/2015
‘Grexit’ Could Happen by Accident
Wall Street Journal 01/12/2015
Politics Risk Tripping Up Greece on Debt Relief
Wall Street Journal 01/16/2015
Wall Street Journal 01/21/2015
Greece’s Long and Painful Odyssey
Wall Street Journal 04/22/2015
The Heat Is on Greece’s Alexis Tsipras, From Inside and Out
New York Times 05/24/2015
Austerity, Germany, and the economic crisis in Greece in 2015- the role of extreme levels of borrowing in the crisis
02/27/2015
Prof. Rogoff at Harvard and Prof. Bulow at Stanford point to the role of extreme levels of borrowing as the root cause of Greece's economic crisis. Greece would have suffered more if the EU and ECB had forgiven the debt but refused to lend since 2010, say Bulow and Rogoff. The popular rhetoric puts the blame on Germany for the austerity programs, yet this does not tell the entire story of profligate borrowing and spending till 2009, and the efforts of the EU and the ECB to find a way out of the crisis with conditional financing of the government and banks.
Grouped Articles
Don’t Blame Germany for Greece’s Profligacy
Wall Street Journal 04/17/2015
New York Times 02/27/2015
New York Times 04/20/2015
Greece Flashes Warning Signals About Its Debt
New York Times 04/19/2015
Greece’s Long and Painful Odyssey
Wall Street Journal 04/22/2015
Greek Deal or No Deal: Investors Question Which Is Worse for Euro
Wall Street Journal 06/28/2015
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