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Eurocrats Frustrated over Crisis

February 2, 2014

The Liberty Bullhorn

I recently noted that the Greek economy has begun a transition from depression to stagnation. A couple of days ago an EU Observer report reinforced my point:

Greece came under renewed pressure to reach a deal with creditors on the latest round of cuts and economic reforms at a meeting of eurozone finance ministers in Brussels on Monday (28 January). Troika officials representing Greece’s creditors began their latest review of the implementation of the country’s €240 billion rescue in September. But they are still to approve the next tranche of a rescue loan, with offficials [sic] indicating that an agreement was unlikely to be reached before the end of February.

There you have it: austerity is not over. As I noted in the aforementioned article, the implosion of the Greek economy is tapering off not because the austerity measures have somehow worked – because they have not – but…

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