Professor Costas Lapavistas on "Nonsense Economics" (of austerity) in the Greek context.
"The situation is definitely getting worse in real terms [in Greece]. What is happening is that the country is now forced to engage in a new bout of cuts, basically, a new bout of austerity. Basically, the country will have to reduce public spending by perhaps €13.5 billion up to 2014. This is a very large sum for the Greek economy, a large proportion of its GDP. So the country's being forced to do that. And to achieve this target, the government will now have to cut wages, pensions of public servants, and it will have to effectively fire a large number of civil servants, up to 150,000 people, to 2014..."
Watch, and share ideas about the story.
http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=8731
What did you think of Professor Lapavistas' analysis?
