Weekend Reading: Arthur Goldhammer: The Old Continent Creaks
Noted for Your Nighttime Procrastination for July 4, 2015

Department of "HUH!? WTF!?!?": Greek Crisis Troika-Defending Ideologues Edition

Over at Equitable Growth: Angel Ubide writes:

Ummmm...

"Pre-Syriza growth" would return Greek GDP to its 1975-1999 trend... never.

"Pre-Syriza growth" was at a pace that would not return Greek real GDP to the 2007 level of the 1975-1999 trend (if you think that was Greece's "real" potential output in 2007) until... 2023. READ MOAR

"Pre-Syriza growth" was at a pace that would not return Greek real GDP to the 2007 level of potential output (if you think that was Greece's "real" potential output in 2007) until... 2037.

Splitting the difference, "pre-Syriza growth" would not return Greece to the center-point of estimates of 2007 potential output until 2030. And "pre-Syriza growth" would reduce Greek unemployment from its current levels... never:

Graph Gross Domestic Product by Expenditure in Constant Prices Total Gross Domestic Product for Greece© FRED St Louis Fed

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