In the News
How Much Does a Grecian Earn?
This time last year Greece received a third bailout, the Syriza government ate humble pie and we were assured that at some point the Greek economy would improve. A year on, and other things, notably Brexit, have meant that Greece has all but disappeared from view. So, how much does a contemporary Grecian earn?
Today's Observer carries two excellent articles that highlight the fact that far from resolving the problems facing the Greek economy, little has changed. The Greek economy shows little sign of picking up, there has been substantial outward migration and the lives of ordinary Greeks remain difficult, to the extent that "The poorest 20% of Greece’s 11 million people have suffered a 42% drop in disposable income since 2009."
The outcome in Greece matters: the possibility of Grexit might call the future of the Euro into question and the failure of any recovery package poses interesting questions about the nature of the neoclassical solutions offered. Growth is forecast to be 2.5% in 2017 - and let's face it at some point in the future the economy will have to grow, such has been the precipitous decline.
The original article can be found here - Greek Economy Still Spiralling Down - and Larry Elliott's summary of the current state of play in Greece is here - Greece Crisis.