Europe's Economy: A Powerful Look Inside Austerity-Hit Greece

April 6, 2015 8:00 AM

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When the European sovereign debt crisis hit in 2008, media commentary often focused on the fate of the so-called “PIIGS“. Namely, Portugal, Italy, Ireland, Greece and Spain. These were the countries saddled with the largest debt and slowest economic growth, and were the ones — excepting Spain and Italy — that received multi-billion dollar bailouts from the E.U. and International Monetary Fund. These emergency plans, it was said, would keep their economies afloat, but came with a caveat: governments would have to massively reduce spending in an effort to rein in their out-of-control finances.

The move was deeply unpopular. In Greece, austerity measures became associated with public sector layoffs, welfare cuts and later, to the rise of far right and far left political parties. In Ireland, large scale emigration and a collapsed property market dominated the national conversation, while Po...

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