The Tragedy of Greek Austerity Continues…<quoted text>
Well, that was misinformed.
Greece had gone bankrupt due to big spending on Social programs. In order to get a loan from the EU they were forced to develop an austerity program. Socialism doesn't work.
After writing about the tragedy of Greek austerity for more than a year, I’ve love to (finally) have some good news to share. But when it comes to austerity, the news is never good. In Greece, the news is bad and getting worse.
The latest news is that Greece’s economy is still shrinking. In fact, the Greek economy just posted its 20th consecutive decline, shrinking 4.6 percent in the three months through June – for a grand total of 20 percent shrinkage since January 2008. The only good news is that economists predicted a shrinkage rate of 5 percent.
For millions of Greeks bearing up under six years of austerity measures, and an economy stuck in recession because of those austerity measures, that the economy shrank slightly less than predicted is nothing to cheer about. The impact of austerity on ordinary Greek citizens is the real tragedy.
in order to get a loan from the EU? 6 years ago?