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Beware of Greeks Bearing Primary Budget Surpluses

Καταχωρήθηκε από τον/την Δέσποινα Συριοπούλου on . Δημοσιεύθηκε στο Economy

by Benn Steil and Dinah Walker, Council of Foreign Relations

Things are looking up in Greece – that’s what Greek ministers have been telling the world of late, pointing to the substantial and rapidly improving primary budget surplus the country is generating.  Yet the country’s creditors should beware of Greeks bearing surpluses.

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Greece's million unpaid workers

Καταχωρήθηκε από τον/την Δέσποινα Συριοπούλου on . Δημοσιεύθηκε στο Economy

She stands idle, tied ashore, her hull slowly rusting.

The Penelope should make a daily crossing from the port of Rafina, outside Athens, to the beautiful islands of Andros, Tinos and Mykonos. But since the summer, she has been stuck, the crew refusing to sail as they have not been paid for months on end.

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Unemployed Greeks Reconnect as Underground Electricians Defy Law

Καταχωρήθηκε από τον/την Δέσποινα Συριοπούλου on . Δημοσιεύθηκε στο Economy

Kostas Ioannidis, an unemployed metalworker with an ailing mother and disabled wife, can’t afford electricity. So he steals it instead.

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Is a Greek exit from the euro really impossible?

Καταχωρήθηκε από τον/την Δέσποινα Συριοπούλου on . Δημοσιεύθηκε στο Economy

By Desmong Lachman, American Enterprise Institute

Conventional market wisdom has it that Greece passed its test of fire last year and that Greece’s European partners will simply not let Greece exit the euro. 

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Martin Feldstein: The Greek Budget Myth

Καταχωρήθηκε από τον/την Δέσποινα Συριοπούλου on . Δημοσιεύθηκε στο Economy

By Martin Feldstein*

Recently, newspaper headlines declared that Greece would have a balanced budget for 2013 as a whole. The news came as quite a shock: Recall that when Greek officials came clean about the true state of their country’s public finances in 2010, the budget deficit was more than 10% of GDP – a moment of statistical honesty that triggered the eurozone debt crisis. It seemed too good to be true that the Greek deficit would be completely eliminated in just three years.