Or, maybe, Europe's self-destructive descent into austerity barbarism intentionally invites this particular objective lesson. I hope not.
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@asteris Remember that the precursor to this was descent into massive indebtedness to finance their welfare states. -
@Foudroyant that's your narrative. Greece had a functional welfare state before the Simitis govt decided to hide debt to enter the Eurozone. -
@asteris You need a very broad definition of "functional" for that. 1994 deficit was 10% of GDP. -
@Foudroyant that was b/c of the huge arms expenditures & attendant PASOK graft, not the welfare state itself. -
@asteris Defense spending in total was only 4.5% of GDP that year.
End of conversation
New conversation -
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