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Thursday, October 8, 2015

The Mirage of Structural Reform by Dani Rodrik - Project Syndicate

The Mirage of Structural Reform by Dani Rodrik - Project Syndicate

Every economic program imposed on Greece by its creditors since the financial crisis struck in 2009 has been held together by a central conceit: that structural reforms, conceived boldly and implemented without slippage, would bring about rapid economic recovery. The European Commission, the European Central Bank, and the International Monetary Fund anticipated that fiscal austerity would be costly to incomes and employment – though they significantly underestimated just how costly. But they argued that long-delayed (and much-needed) pro-market reforms would result in a compensatory boost to the Greek economy.
Read more at https://www.project-syndicate.org/commentary/greece-structural-reform-mirage-by-dani-rodrik-2015-10#yxaQkWMVJjy71jY6.99

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