Landslide Lyndon
px75
Atlas Star
Posts: 26,855
|
|
« Reply #1 on: February 09, 2012, 11:05:01 AM » |
|
The Greek government has its fair share of responsibility for the current situation with its unwillingness to push through the necessary reforms and reduce the size of our elephantine administration and state utility companies. Sadly, taxi drivers and workers at our state TV channels proved to be more powerful than the troika. And our national victimization complex and navel-gazing mentality make it easy to believe that there are sinister motives behind every Brussels/Berlin ultimatum.
But that doesn't mean that EU's prescription of austerity, austerity, and some more austerity, isn't an abject failure. Portugal and Ireland, which supposedly followed EU's instructions much more faithfully than us, and were complimented for that, are also in the midst of a severe recession and will soon need a second bailout, just like us. Like Krugman said, when all EU states (even the prosperous ones) decide to apply austerity policies then unless we find some aliens to trade with, recession is inevitable.
|