Photo: © Petros Diveris, Molyvos, Lesvos, October 2015
Displaying posts tagged: Merkel
Simultaneous debt reduction and structural reforms, we now know, will overextend any democratically elected government because they overtax its voters. And, without growth, there will be no structural reforms either, however necessary they may be.
We are now well into to the third year of the IMF/EU imposed austerity in Greece and it is clear to all but the market zealots that the measures have made things worse, not better. The only positive effect the measures had so far was that they "helped Greece bring down its primary deficit before interest …