{"id":5626,"date":"2013-06-06T22:49:20","date_gmt":"2013-06-06T22:49:20","guid":{"rendered":"http:\/\/meeseeks:5080\/blog\/?p=5626"},"modified":"2013-06-06T22:49:20","modified_gmt":"2013-06-06T22:49:20","slug":"destroying-the-greek-economy","status":"publish","type":"post","link":"https:\/\/vukutu.com\/blog\/2013\/06\/destroying-the-greek-economy\/","title":{"rendered":"Destroying the Greek economy"},"content":{"rendered":"<p>Ambrose Evans-Pritchard in <a href=\"http:\/\/blogs.telegraph.co.uk\/finance\/ambroseevans-pritchard\/100024771\/ollie-rehn-should-resign-for-crimes-against-greece-and-against-economics\/\" target=\"_blank\">The Telegraph<\/a>:<\/p>\n<blockquote><p>The Troika originally said that Greece\u2019 economy would contract by 2.6pc in 2010 under the austerity regime, before recovering with growth of 1.1pc in 2011, and 2.1pc in 2012.<br \/>\nIn fact, Greek GDP remained in an unbroken free-fall. It did not grow in either year. It contracted a further 7.1pc in 2011, 6.4pc in 2012.<br \/>\nRoughly speaking, the Troika misjudged the scale of economic decline over three years by 12pc of GDP. The total decline will be around 25pc, surely a Great Depression.<br \/>\nDon\u2019t tell it was hard to foresee. The Greek Labour Institute and the think tank IOVE produced very accurate forecasts. The truth is that the Troika\u2019s ideology of \u201cexpansionary fiscal contraction\u201d is bunk, and doubly dangerous when compounded by tight money.<br \/>\nLike the Spartans, Thebans, and Thespians at the Pass of Thermopylae, the Greeks were sacrificed to buy time for the alliance.<br \/>\nInstead of applause, they were then vilified for their heroic efforts by ill-informed and self-interested Dutch, Finnish, Austrian, and German politicians. A squalid episode.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Ambrose Evans-Pritchard in The Telegraph: The Troika originally said that Greece\u2019 economy would contract by 2.6pc in 2010 under the austerity regime, before recovering with growth of 1.1pc in 2011, and 2.1pc in 2012. In fact, Greek GDP remained in an unbroken free-fall. It did not grow in either year. It contracted a further 7.1pc [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-5626","post","type-post","status-publish","format-standard","hentry","category-economics","p1","y2013","m06","d06","h22"],"_links":{"self":[{"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/posts\/5626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/comments?post=5626"}],"version-history":[{"count":0,"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/posts\/5626\/revisions"}],"wp:attachment":[{"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/media?parent=5626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/categories?post=5626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vukutu.com\/blog\/wp-json\/wp\/v2\/tags?post=5626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}