The New European Economic Dogma: Improving Competitiveness by Reducing Living Standards and Increasing Poverty

C. J. Polychroniou

Economics One-Pager Archive from Levy Economics Institute

Abstract: Greece's new EU/IMF bailout package is all about private sector wage cuts and an overhaul of labor rights. In short, it will do absolutely nothing to address the nation’s economic crisis because it is not designed to rescue Greece's embattled economy. In fact, it will have the unwanted effect of keeping the nation locked in a vicious cycle of debt—and leading, finally, to its exit from the eurozone.

Date: 2012-02
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