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Reforms are generally intended as addressing overly generous social security programs, corruption, tax evasion. Portugal and Spain (and Ireland) implemented so

Reforms are generally intended as addressing overly generous social security programs, corruption, tax evasion. Portugal and Spain (and Ireland) implemented some of these reforms and, lo and behold, a few years later are some of the fastest growing economies in the Eurozone. https://qz.com/1207039/portugals-economy-is-growing-at-its-fastest-rate-for-17-years/ https://qz.com/1207039/portugals-economy-is-growing-at-its-f... https://www.ft.com/content/be9d3fdb-d2fd-335c-929a-09b69752efff https://www.ft.com/content/be9d3fdb-d2fd-335c-929a-09b69752e... https://www.irishtimes.com/business/economy/irish-economy-growing-three-times-faster-than-any-other-european-country-1.3383307 https://www.irishtimes.com/business/economy/irish-economy-gr... Why Greece should be any different (as an Italian, why Italy as well?)

TheOtherHobbes 8y ago
Ireland's GDP lost almost an entire decade of growth. It may be growing relatively quickly now, but that's only after some very serious shrinkage. And let's not forget that to orthodox economists, any social security program is overly generous.
- sergiosgc 8y ago
  Ireland's GDP growth is a fiction. Any serious economist would only have to look at the 25% GDP growth rate, in 2015, to state that something fishy is going on. And indeed it is: https://www.irishtimes.com/business/economy/ireland-s-gdp-figures-why-26-economic-growth-is-a-problem-1.2722170 https://www.irishtimes.com/business/economy/ireland-s-gdp-fi... Ireland is a tax haven.
RobertoG 8y ago
Portugal and Spain (I don't know about Ireland) grow when they forget the austerity rules. Here is some prediction for you: you tell me that Spain and Portugal have reformed and that's the reason their economy is growing. At some point, this will change, do you want to bet what will be the proposed solution? More reforms. The reforms mantra is only a way of dismantling the welfare state. That is: of a way of avoiding redistribution to the people that need it more. If you think that can be done without a political backslash you are in for a surprise.
- Kurtz79 8y ago
  How do you concile this view with the fact that other European countries (Germany, Austria, Netherlands, nordic countries) have very healthy economies and an expansive welfare state as well? Monetary devaluation and increasing national debt had long been used by Italy and other countries as a fig leaf to avoid addressing historical problems that these reforms try to address. The EU has removed this fig leaf. Errors have been made and the crisis should have been handled better, but it does not exempt these countries from having to fix their own problems.

TheOtherHobbes 8y ago

Ireland's GDP lost almost an entire decade of growth. It may be growing relatively quickly now, but that's only after some very serious shrinkage. And let's not forget that to orthodox economists, any social security program is overly generous.

sergiosgc 8y ago
Ireland's GDP growth is a fiction. Any serious economist would only have to look at the 25% GDP growth rate, in 2015, to state that something fishy is going on. And indeed it is: https://www.irishtimes.com/business/economy/ireland-s-gdp-figures-why-26-economic-growth-is-a-problem-1.2722170 https://www.irishtimes.com/business/economy/ireland-s-gdp-fi... Ireland is a tax haven.

RobertoG 8y ago

Portugal and Spain (I don't know about Ireland) grow when they forget the austerity rules. Here is some prediction for you: you tell me that Spain and Portugal have reformed and that's the reason their economy is growing. At some point, this will change, do you want to bet what will be the proposed solution? More reforms. The reforms mantra is only a way of dismantling the welfare state. That is: of a way of avoiding redistribution to the people that need it more. If you think that can be done without a political backslash you are in for a surprise.

Kurtz79 8y ago
How do you concile this view with the fact that other European countries (Germany, Austria, Netherlands, nordic countries) have very healthy economies and an expansive welfare state as well? Monetary devaluation and increasing national debt had long been used by Italy and other countries as a fig leaf to avoid addressing historical problems that these reforms try to address. The EU has removed this fig leaf. Errors have been made and the crisis should have been handled better, but it does not exempt these countries from having to fix their own problems.