In Greece, this approach led to a spiral of decline as jobs were shed and tax revenues slumped. Public debt went up rather than down, leading to pressure for still more cuts. But milder versions of the same dynamic played out elsewhere. There was Ireland, where the insistence that taxpayers rather than bondholders should pay for the irresponsible lending of the banks resulted in disability benefits being cut. There was Italy, where there was no real attempt by Rome between and to mitigate the impact of the financial crisis through discretionary fiscal policy.
And there was, of course, Britain, where the coalition government did not even have the excuse of being confined by the straitjacket of the single currency to excuse its foolish decision to choke off the economic recovery of with over- hasty spending cuts and tax increases. George Osborne was a true believer in EFC. It is no real defence for those who so avidly embraced austerity to point to the return of growth as evidence that they were right all along. All economies recover eventually: To which the answer is yes.
The recovery from the deep downturn of would have been faster and more sustainable had different policies been followed.
As it is, extensive and permanent damage has been done. First, there is the social cost of a decade of failed austerity: Second, there is the opportunity cost: Cutting corners to save money has consequences. Third, the global economy is far from healed. In fact, it has been the weakest recovery from any recession since the second world war.
It had to waive its rules to do so, because the World Bank is not supposed to guarantee loans to countries at high risk of distress. The World Bank said it was trying to help refinance expensive short-term debt and free up resources that could be used for investment, but the winners of this arrangement are the speculators getting a The losers will be the Ghanaian people, who will be subject to austerity under the terms of a new IMF programme.
Sub-Saharan Africa is not a homogeneous region.
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Some countries are still growing strongly, helped by declining energy prices. But Ghana is not the only country to fall foul of the boom and bust cycle in commodities, and the JDC is highlighting the risk of a fresh debt crisis. Kim said last week: But we have to watch it. Lagarde and Kim say the world needs to make a better fist of tackling inequality — hooray to that. The work starts with their own institutions.
Greece's debt costs rise sharply as worries grow over IMF role | World news | The Guardian
This article was amended on 9 October. This has been corrected. Topics Economics Economics viewpoint. Order by newest oldest recommendations. Show 25 25 50 All.
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Threads collapsed expanded unthreaded. Worth a read for all those disgusted and appalled at the global banksters treatment of nations in the current light of the growth of the Occupy Wall Street movement in the heart of the USA. Read more Read less. Here's how restrictions apply. Role of the Fake Left on your Kindle in under a minute.
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Greece's bailout is finally at an end – but has been a failure
Write a customer review. Showing of 1 reviews. Top Reviews Most recent Top Reviews. There was a problem filtering reviews right now. Please try again later. Kindle Edition Verified Purchase. The bad that has been done to Greece is total. Who did it and how has an importance for the other south European states maybe they will avoid the total death of their economy.