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Put an End to the Farce That's Turned Into a Tragedy

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  • C. J. Polychroniou

Abstract

The 2007-08 global financial crisis was the second most disastrous global economic event of the last 80 years. Thanks to severe austerity measures and a fanatical commitment to fiscal consolidation, Europe’s overall economy is now close to stagnation and extremely high levels of unemployment prevail in many countries, especially in the eurozone periphery. In Greece, the situation is completely out of control, with the standard of living rapidly declining to 1960s levels and the number of unemployed having reached one in five. The second bailout plan will do nothing more than buy extra time for the European Union to build firewalls to prevent the spread of Greek contagion-and prepare the ground for Greece’s exit from the euro.

Suggested Citation

  • C. J. Polychroniou, 2012. "Put an End to the Farce That's Turned Into a Tragedy," Economics One-Pager Archive op_25, Levy Economics Institute.
    • Handle: RePEc:lev:levyop:op_25
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