It sounds a bit odd these days but economics was actually invented by the Greeks. Back then, in ancient Greece, the ethos of economics was to keep the house in order and generally manage finances in a way that would make Wolfgang Schäuble blush with embarrassment for extravagant habits. Now economics is about to get a new meaning for Greeks. Perhaps not a science, but Greekonomics is now the art of killing an economy softly.
The Greek tragedy is not that it teeters on the brink of default. Greece is going to get its deal – and its euro membership will live to die another day. The deal that is fleshed out in Brussels now will just help to push the country to the next time it needs financial support to pay its creditors. Greece won’t get the substantial debt write-off it desires – and needs. Creditors will demand continued austerity, which now mostly means tax increases, and reinforce the forces of debt deflation.
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Syriza’s own economic policies will just make matters worse – it’s reforming neither its client list institutions nor the supply side of its economy, still suffocated by regulations, cartels and corporate welfare queens.
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