Kρίση σύλλογος
Greece Is the Crisis Club’s Odd Man Out
Excerpt:
Spain, Greece, Portugal and Ireland all entered the crisis with huge current account deficits—the balance on all exports, imports and income between a country and its partners. Such deficits are typically corrected via currency devaluation, which boosts exports and curbs imports. But membership in the euro makes devaluation impossible. Instead, prices and wages must decline, a painful process called “internal devaluation.”Comment: Kρίση σύλλογος = Crisis Club. Image source
GREECE GETS WAKE-UP CALL: COMING WEEK COULD SEAL ITS FATE:
ReplyDeleteInternational creditors sent Greek Prime Minister Alexis Tsipras home from a summit Thursday with a clear message: swiftly tone down your demands in the bailout talks over the next week or face financial ruin.
The International Monetary Fund took the toughest stance, saying it was bringing its negotiators back to Washington as there had been no sign of compromise.
"There has been no progress in narrowing these differences," IMF spokesman Gerry Rice said Thursday. "There are major differences between us in most key areas."
The creditors - the IMF and Greece's fellow eurozone states - want the country to commit to new economic reforms before they pay out another 7.2 billion euros ($8.2 billion). Athens needs the money to repay debts worth 1.6 billion euros at the end of the month and later this summer.
And we're only a few years away unless we repent.
ReplyDeleteOne thought on the other article you linked; any country with 26% unemployment is in recession in my book, whether or not GDP is growing. It also strikes me that unemployment of that sort ought to be uncomfortable enough to motivate people to do something about it.