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What went wrong in Greece and how to fix it: Lessons for Europe from the Greek crisis
Figure 1 shows the Greek real GDP since 1990, along with Germany’s and Italy’s, all normalised to 100 at the beginning of the period. The Greek GDP took off in the second half of the 90s. At its peak in 2008, it had grown by 65%, cumulatively. The following hard landing was equally impressive, but much more rapid. By 2013, GDP had fallen back to its 2000 level. As it happens with asset price bubbles, the boom of the economy was not justified by underlying fundamentals, and therefore was unsustainable. Table 1 looks at the supply side and disentangles GDP growth into its main components. The share accounted by ... (full story)
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