Friday, August 18, 2017

Doubling down on the same austerity that has crippled the economy [Video]

Greece will stay on the Euro currency and accept continued government cuts. The Greek people have been forced to double down on the same austerity that has crippled their economy and driven unemployment to record highs. “The beatings will continue until morale improves.”

Via The Young Turks…

“That’s the gist of the deal that keeps Greece in the euro, an agreement that will deepen the country’s recession, makes its debt position less sustainable and virtually guarantees that its problems come bubbling back to the surface before too long.

…what this means is that leaving to one side the interest payments on its debt, Greece will have to raise more in revenues than the government spends each and every year. If the performance of the economy is not strong enough to meet these targets, the “quasi-automatic” spending cuts will kick in. If Greece is in a hole, the rest of the euro zone will hand it a spade and tell it to keep digging.”

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