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Greece consistently ran huge deficits during the crisis. They had a huge debt write-off in 2012 and still ended up with 180% debt/gdp, that doesn't happen if yo
by bobcostas55 7y ago
Greece consistently ran huge deficits during the crisis. They had a huge debt write-off in 2012 and still ended up with 180% debt/gdp, that doesn't happen if your spending policy is austere.
https://3gp11q1ujq964apmpt3s9cda-wpengine.netdna-ssl.com/wp-content/uploads/2017/07/Greek-Government-Budget-Deficit_2.png https://3gp11q1ujq964apmpt3s9cda-wpengine.netdna-ssl.com/wp-...
- pjc50 7y agoAusterity is not measured in Euros but in the human casualties of the policy. https://en.wikipedia.org/wiki/Greek_government-debt_crisis#Social_effects https://en.wikipedia.org/wiki/Greek_government-debt_crisis#S...
- deleted 7y ago[deleted]
- pbhjpbhj 7y agoThat's something curious about the UK at the moment - borrowing is huge, like the Tory government has borrowed more since they took over than the country borrowed previously in history, ever, (according to a stat I heard, but the actual figures are huge according to the Nat.Stats.Off too; this isn't just hearsay) and yet we've been going through massive austerity. Spending on services has been drastically cut, but the country has been borrowing vastly more money. The only way I see that working is if taxes have plummeted (but taxes for ordinary folk have risen slightly if anything) or if the money is being syphoned off somewhere ... but we're talking GDP levels of cash here. Anyone explain it to me?