Greece needs to grasp the nettle of default and devaluation now

Notayesmanseconomics's Blog

Today begins with hopes of a new path for Greece where the people have been under the shackles of a Euro area imposed austerity programme which collapsed the Greek economy. It was not supposed to be that way as the future was bright according to the official forecasts and their apologists.

put the debt-to-GDP ratio on a declining path from 2013.

but from 2012 onward, confidence effects, regained market access, and comprehensive structural reforms are expected to lead to a growth recovery. Unemployment is projected to peak at nearly 15 percent by 2012.

As you can see that was a complete hoax call and a much worse one than the one troubling Prime Minister Cameron. Even at the end of 2012 rather than the promised «growth recovery» the Greek economy was instead shrinking at an annual rate of 5.7% on it way to losing around a quarter of its output…

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