Five years into an economic depression of epic proportions, one would have thought that the Greek government should be raising serious doubts as to whether the oft-repeated troika recipe of severe fiscal austerity is going to produce any different economic results this time around. And one would also have thought that the time has long since passed for the Greek government to start seriously exploring alternatives to a policy approach that offers the country the bleakest of prospects of many more years of a deepening economic depression and extraordinarily high unemployment.
The U.S. Example
Normally, in the midst of a deep economic slump, countries follow countercyclical policies to extricate themselves from the slump and to avoid a downward deflationary economic spiral. They do so by some combination of fiscal policy stimulus, interest rate reduction, and exchange rate depreciation.
full article at source: http://finance.yahoo.com/blogs/the-exchange/time-greece-bring-back-drachma-173957240.html
- A Plea for Grexit (fairobserver.com)