EU to Greece: It’s over

The EU continues to blather on about how Greece, unlike the European bankers that lent it money, has to take it’s medicine. Yesterday The Economist published a series of charts, reproduced below, revealing not only the foulness of the medicine, but its ineffectiveness.       The imposition of austerity policies demanded by the EU has caused Greek debt to escalate rather than shrink. Before the GFC is was 109% of GDP. Now its 175%.Why? Because as the Greek economy shrinks – it’s now 25% smaller than before the GFC – debt grows as a percentage of GDP. There are no signs of...

The EU continues to blather on about how Greece, unlike the European bankers that lent it money, has to take it’s medicine. Yesterday The Economist published a series of charts, reproduced below, revealing not only the foulness of the medicine, but its ineffectiveness.

      

The imposition of austerity policies demanded by the EU has caused Greek debt to escalate rather than shrink. Before the GFC is was 109% of GDP. Now its 175%.

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