Understanding the Greece CrisisOver the past few weeks, we have been hearing about the Greece Debt crisis and how it is affecting t...
"Nonsense Economics" and the Deepening Greek Crisis
The Real News Network does an interview with Costas Lapavistas, who is a professor in economics at the School of Oriental and African Studies at the university of London, on the the situation in Greece.
According to Lapavistas, the situation is getting worse in real terms. The country is now forced to engage in a new bout of cuts, basically, a new bout of austerity. The country will have to reduce public spending by perhaps €13.5 billion up to 2014. This is a very large sum for the Greek economy, a large proportion of its GDP. To achieve this target, the government will now have to cut wages, pensions of public servants, and it will have to effectively fire a large number of civil servants, up to 150,000 people, to 2014.
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