Tyler Cowen has a good piece over at the New York Times (see here) about the options facing Greece right now. They aren't pretty. Cowen says:
Relative to the size of its economy, the total Greek spending cuts now being contemplated are proportional to the United States government cutting $1.75 trillion. (Even if you believe government needs to shrink, it would be hard to pull off such a big change on short notice.) Right, now Greece’s gross domestic product is falling at a rate of more than 3 percent a year.
No comments:
Post a Comment