Colin Rowat

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Five misconceptions about the Greek debt crisis-3

It is widely accepted that the Greek bailout and austerity package has led to wealth flowing from Greece to its European creditors, benefiting foreign banks at the expense of Greeks, that its debt is unprecedented and unsustainable, that its recession is the unprecedented result of reforms that cannot succeed, and that Greece’s exit from the Eurozone would be calamitous.

Amazingly, none of the statements above are strictly true, leading much of the public discussion of Greece to be unusually detached from the facts.

In this article, I outline my reasons for no longer believing these claims – which I had been led to believe were true when I began to try to understand the Greek debt crisis.…  Seguir leyendo »