Lessons from Greece

For the past 18 months Greece has been the epicenter of the European sovereign debt crisis. Its enormous national debt (127 percent of GDP before the first bailout in May 2010, reaching 160 percent by the end of 2011) and its ever-expanding deficit (14 percent before the austerity measures) were so scary that nobody really cared about what led Greece to this. Nobody was really interested in this monster-making machine which gave birth to both, more widely known by the euphemism “Greek Government.”



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By Aristides N. Hatzis

The Korea Herald