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The Greece and Italian economies were mismanaged. The Euro, in and of itself, had little to do with it. At worst, it removed one tool for dealing with the misma
by goodcanadian 7y ago
The Greece and Italian economies were mismanaged. The Euro, in and of itself, had little to do with it. At worst, it removed one tool for dealing with the mismanagement. Far better to manage it well in the first place.
- petre 7y agoGreece maybe. But if Italy's economy was mismanaged it was due to outside pressure. https://www.ineteconomics.org/perspectives/blog/how-to-ruin-a-country-in-three-decades https://www.ineteconomics.org/perspectives/blog/how-to-ruin-... https://news.ycombinator.com/item?id=19649182 https://news.ycombinator.com/item?id=19649182
- gattilorenz 7y ago> Until the early 1990s, Italy enjoyed decades of relatively robust economic growth This is painting just one side of the story. Look up the graphs for debt as % of GDP in the same years.
- gattilorenz 7y agoHere they are: https://tradingeconomics.com/italy/government-debt-to-gdp https://tradingeconomics.com/italy/government-debt-to-gdp https://2.bp.blogspot.com/-rj28mXbk6V8/TsEC58hZftI/AAAAAAAAAPY/cz9RMOQcXb0/s1600/Italy+Debt.jpg https://2.bp.blogspot.com/-rj28mXbk6V8/TsEC58hZftI/AAAAAAAAA... Sure, we were growing, but more than that we were growing our public debt. I'm no economist, but this doesn't seem the sign of a healthy economy to me.
- pmontra 7y agoTo put it into the words of my father (Italy early 90s), "the Euro will be good for us because our politicians will have to stop stealing". But they didn't and we kept voting for them. This is the problem in Italy. Internal, not external. Then other countries can take advantage of it, that's the way the world works.