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Do not confuse correlation with causation. High on cheap loans, the Greek economy had a helluva party until 2008, and they were going to have a really bad hang
by jpatokal 11y ago
Do not confuse correlation with causation. High on cheap loans, the Greek economy had a helluva party until 2008, and they were going to have a really bad hangover no matter what. There are some pretty epic stories of the corruption of the era: http://www.theguardian.com/business/2010/may/07/greek-debt-crisis-jobs http://www.theguardian.com/business/2010/may/07/greek-debt-c...
Has austerity made things worse in the short term? Almost certainly, and they've cut plenty of meat along with the fat. But there's no way Greece can pick itself up off the floor without some pretty painful reforms.
- contingencies 11y agoWhile I don't disagree, your comment is conservative and therefore uninteresting in that it is conceived and reasoned within the bounds of the de-facto international system, with all its well known problems. Problems we have to try to solve anyway. Greece is in a place that could meaningfully try something new, right away.
- draugadrotten 11y ago> Greece is in a place that could meaningfully try something new, right away. Yet, what the Greece wants is more money to keep doing exactly what they were doing before - that didn't work. What was that Einstein quote again? The definition of...
- atmosx 11y ago"Yet, what the Greece wants is more money to keep doing exactly what they were doing before - that didn't work." said a guy on the internet. Then he quoted Einstein.