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GREECE AND THE THREE BIG MISTAKES OF THE EUROPEAN LEADERSHIP
Submitted by christian on Wed, 07/22/2015 - 19:38
Fundamentally, the Greek economy eventually faced reality. The debt-financed growth bubble that occurred upon joining the euro eventually burst. The adjustment, however, was harsher and more painful than necessary. Fiscal consolidation was too tight and too front-loaded, and debt restructuring was too little and too late. The sequence of structural reforms was plainly wrong.