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I think you're conflating two different issues: a) the Greek economy is currently in debt with no realistic way of repaying it in the sh...

I think you're conflating two different issues: a) the Greek economy is currently in debt with no realistic way of repaying it in the short term, and b) Greek politicians have adopted a socialist-minded Keynesian tinkering-around-the-edges that has somehow been named 'austerity'. The root cause of a), and then the body politic adopting b), is broken economic culture: https://mises.org/library/greece%E2%80%99s-biggest-problem-i... "And so it is with Greece. After already securing debt relief and effectively being allowed to default by restructuring its debts over the next fifty years at subsidized interest rates — and after actually achieving economic growth in 2014 by cutting taxes and slashing the size of its sclerotic, bloated government — this toxic Greek culture prevailed once more and elected a team of socialist die-hards to drag it back into the mire. Of course it doesn’t help that on the other side of the negotiating table is another bunch of central planners in the EU, IMF, and ECB. Nevertheless, Greece sits stuck between two central planning negotiation parties because its people have been too busy demanding goodies instead of freedom."

Posted by duncan_bayne on Jul 13, 2015, 2:44 AM

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I think you're conflating two different issues: a) the Greek economy is currently in debt with no realistic way of repaying it in the sh...

duncan_bayneJul 13, 2015, 2:44 AM

I think you're conflating two different issues: a) the Greek economy is currently in debt with no realistic way of repaying it in the short term, and b) Greek politicians have adopted a socialist-minded Keynesian tinkering-around-the-edges that has somehow been named 'austerity'. The root cause of a), and then the body politic adopting b), is broken economic culture: https://mises.org/library/greece%E2%80%99s-biggest-problem-i... "And so it is with Greece. After already securing debt relief and effectively being allowed to default by restructuring its debts over the next fifty years at subsidized interest rates — and after actually achieving economic growth in 2014 by cutting taxes and slashing the size of its sclerotic, bloated government — this toxic Greek culture prevailed once more and elected a team of socialist die-hards to drag it back into the mire. Of course it doesn’t help that on the other side of the negotiating table is another bunch of central planners in the EU, IMF, and ECB. Nevertheless, Greece sits stuck between two central planning negotiation parties because its people have been too busy demanding goodies instead of freedom."

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