Tuesday, November 19, 2013

Here we go again

"They are pressing us to adopt policies that are crazy"
Yes, the Troika of lenders are back in Greece.
"There is no way the economy can stabilise if they keep pushing us to cut more and more," said Prof Gikas Hardouvelis, who was in charge of economic policy under the previous, technocratic government. "In my view, the economy is about to stabilise and it could easily be undone if they keep insisting on more measures," he added.
 The killer statistic that measures the success of austerity in reducing debt is this one:
Greece's debt-to-GDP level would reach about 179% this year compared with 120% when the country received its first bailout in May 2010.
 I wonder if the Troika use the same appointment methods as the Co-op Bank.

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