In the News

Can't Pay Won't Pay - Greeks Bridle Against Austerity

Graham Watson

1st March 2017

The BBC's Kevin Connolly looks at how ordinary Greeks have been affected by austerity and how one group, the I Won't Pay movement have been fighting to protect ordinary people.

The article highlights the fact that for many ordinary Greeks, enough is enough and that after years of austerity there needs to be some light at the end of the tunnel. However, this will be difficult for the rest of Europe, particularly those nations with elections, to swallow and the IMF are still insistent on any debt relief being accompanied by structural reforms.

As the author concludes: "for now when Greeks hear talk about 'light at the end of the tunnel' they feel the tunnel remains dauntingly long and the light remains frustratingly dim."

And here's another perspective on Greece, although not a mainstream one. Former finance minister, George Papaconstantinou, argues that Greece needs World Bank help, not just IMF support, because of the institutional failings of the Greek economy. He argues that Greece is little better than many emerging economies, and lacks the necessary institutions to grow; I'm not sure that many Greeks would agree with him. However, he may well have a point.

Graham Watson

Graham Watson has taught Economics for over twenty years. He contributes to Tutor2U, reads voraciously and is interested in all aspects of Teaching and Learning.

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