Why has the world's premiere deficit-reduction laboratory produced such a dismal failure? European leadership still expects the painful über austerity measures imposed on Greece to result in a dramatic improvement of its debt to GDP ratio. But the experiment in endurance is not succeeding for an important reason: Austerity programs have been rooted in myths about what caused the crisis in the first place.
The Huffington Post
The Legends of the Greek Fall Dimitri B. Papadimitriou | President, Levy Economics Institute; Executive Vice President and Professor of Economics, Bard College