EconPapers    
Economics at your fingertips  
 

Fiscal Sadism and the Farce of Deficit Reduction in Greece

C. J. Polychroniou

Economics One-Pager Archive from Levy Economics Institute

Abstract: Unemployment in Greece has climbed to a new record of 27.9 percent and the country is headed toward a third bailout. The obsession with reducing the budget deficit is crippling the Greek economy. Extreme fiscal consolidation in the midst of a major depression can only have extreme effects on output, leading to greater unemployment, widening poverty, massive loss of faith in political and social institutions, and the potential for political violence. This is precisely what has been taking place in Greece since 2010, as fiscal brutality intensifies from one year to the next. Offering Greece yet another bailout package is not the answer.

New Economics Papers: this item is included in nep-pke
Date: 2013-09
References: Add references at CitEc
Citations Track citations by RSS feed

Downloads: (external link)
http://www.levyinstitute.org/pubs/op_43.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:lev:levyop:op_43

Access Statistics for this paper

More papers in Economics One-Pager Archive from Levy Economics Institute
Series data maintained by Elizabeth Dunn ().

 
Page updated 2017-11-21
Handle: RePEc:lev:levyop:op_43