One-Pager No. 26 | February 2012
The New European Economic Dogma
Improving Competitiveness by Reducing Living Standards and Increasing Poverty
Greece’s new EU/IMF bailout package is all about private sector wage cuts and an overhaul of labor rights. In short, it will do absolutely nothing to address the nation’s economic crisis because it is not designed to rescue Greece’s embattled economy. In fact, it will have the unwanted effect of keeping the nation locked in a vicious cycle of debt—and leading, finally, to its exit from the eurozone.
C. J. Polychroniou
Bailouts Eurozone debt crisis Fiscal austerity Greek economic crisis Internal devaluation Wage policy