4 ms·
> EU's austerity nonsense post 2008 Can you elaborate? My country (Poland) was in the EU at the time and I didn't notice any "austerity nonsense". Was it relat
by killtimeatwork 6y ago
> EU's austerity nonsense post 2008
Can you elaborate? My country (Poland) was in the EU at the time and I didn't notice any "austerity nonsense". Was it related to the eurozone somehow? (we don't have euro in Poland).
- bildung 6y agoI mean things like "Stability and Growth Pact", which Poland simply ignored post 2008, which probably is the reason you didn't notice: Poland breached the deficit/GDP rule from 2008-2014, while Italy only did from 2009-2011.[0] Poland also missed the MTO for every year since 2005 (same as Italy). The only core difference is that Poland had a lower absolute debt ratio than Italy when entering the crisis. The relative rises in debt in Poland post 2008 were higher than those of Italy.[1] Polands debt to gdp ratio rose 21.5% from 2007 to 2012, and Italy's ratio rose 20.5% during the same period. [0] https://en.wikipedia.org/wiki/Stability_and_Growth_Pact#Member_states_by_SGP_criteria https://en.wikipedia.org/wiki/Stability_and_Growth_Pact#Memb... [1] https://tradingeconomics.com/poland/government-debt-to-gdp https://tradingeconomics.com/poland/government-debt-to-gdp No offence intended, BTW! It's hard to speak about things like these without threads devolving into us-vs-them debates.