January 10, 2013

Greek Economy Heading for the Abyss

John Sfakianakis, Foreign Policy

AP Photo

When European finance ministers approved another $64 billion in aid to Greece in December, Europhiles breathed a collective sigh of relief. Economic catastrophe had been averted and the so-called "Grexit" now seemed unlikely. The $64 billion, like previous installments, would soften Greece's fiscal adjustment program -- the severest in history -- and the country would gradually recover. Inside Greece, however, economic salvation has felt far less reassuring.

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TAGGED: Greece, Depression

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