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An excellent commentary from Andrew Watt.
Back in May when Greece was in the process of getting its “bailout” I kept wondering why it had to be that Greece would accept such harsh conditions when it held an ace up its sleeve. The proposed package of austerity, which would make the economy worse, was only an issue as long as Greece [...]
The latest issue of the quarterly Economic Climate for Bargaining publication that I produce has just been posted on CUPE’s website. In this issue I have pieces about: the new spectre that is haunting Europe, this time of a public debt crisis impact analysis of Ontario’s HST tax reform by income group, already discussed below some analysis [...]
The IMF staff documents relating to the “bail out” of Greece make for scary reading. http://www.imf.org/external/pubs/ft/scr/2010/cr10110.pdf The scale of the economic contraction being imposed through this “solution” is staggering. On top of 2% contraction of real GDP in 2009, there will be a decline of 9% over the next several years, with 6.6% of that [...]