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Sunday, March 21, 2010

A German-Greek Dialogue, Of Sorts

Germany (with a debt of 185.2% of its GDP) is leading a crusade against the Greek government's irresponsible fiscal policies (at 48.4% of the GDP).

Meanwhile, Marc Baronnet's calculations indicate that the magnitude of Greek and German government spending is roughly the same (40-45% of the GDP).

Germany is so adamant about putative Greek "irresponsibility" that Angela Merkel raised even the specter of possible expulsion from the Euro-zone, in the context of discussions about the Greek crisis. But even if that doesn't happen, Greece "needs to do its homework."

Unless these data are seriously off (which is always a possibility with stuff one gets from the web) I'm not sure what exactly gives the German government this high podium to talk down from.

1 comment:

  1. This just in: According to AP, Angela Merkel says "Help for Greece is not on the agenda of the upcoming EU summit." This being the case, I wonder just what exactly is on that agenda.

    ReplyDelete

cover page of the book

cover page of the book
image used for the cover design by Anannya Dasgupta