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Tag Archives: Greece

Greece and the EU: a macro and micro mess up

Greece and the EU: a macro and micro mess up

Economists are divided into macro and micro economists. The former focus on aggregates, like inflation, employment, and GDP growth. The latter worry about decision-making at the individual level—whether a consumer, worker or firm. The crisis in Greece poses both a macro and a micro problem—yet the cut and paste ‘austerity’ solutions proposed by the creditors have not tackled the enormity of either problem. more

Greece: the useless compromise

Greece: the useless compromise

The arm wrestling between Athens and its international creditors seems likely to lead to yet another compromise. While some see this optimistically, it is time to shout loud and clear that this is an agreement that is unlikely to solve anything. Particularly not Greece’s real, underlying problems, which are huge and have to do with solvency, not liquidity. To tackle Greece’s real problem we need to address the real issue: the lack of a plan for investments that more

Grecia, l’inutile compromesso

Grecia, l’inutile compromesso

“Il braccio di ferro tra Atene e i  creditori internazionali sembra avviarsi verso l’ennesimo compromesso e già riecheggia il coro dei falsi ottimisti: meglio un compromesso di un default. E invece proprio questo è il momento di dirlo chiaro e forte: si profila un accordo che rischia di non risolvere nulla.”  English version more

Will UK medicine give us a Greek cold?

Will UK medicine give us a Greek cold?

What is often referred to as the ‘financial crisis’ is in many ways a ‘real economy’ crisis. It is no coincidence that two of the biggest problems, Greece and Italy, have the lowest productivity figures in Europe, and little spending on key areas that cause growth like R&D.   In the last weeks we have… more