{"id":10966,"date":"2015-08-12T18:30:26","date_gmt":"2015-08-12T23:30:26","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10966"},"modified":"2015-08-12T18:30:26","modified_gmt":"2015-08-12T23:30:26","slug":"sorry-troika-spains-economic-recovery-is-one-big-lie","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10966","title":{"rendered":"Sorry Troika, Spain’s Economic Recovery Is “One Big Lie”"},"content":{"rendered":"

Sorry Troika, Spain’s Economic Recovery Is “One Big Lie”<\/a><\/h3>\n

During six months of protracted and terribly fraught negotiations between Athens, Berlin, Brussels, and the IMF, the idea that Spain, Italy, and Ireland somehow represented austerity \u201csuccess stories\u201d was frequently trotted out as the rationale behind demanding that Greece embark on a deeper fiscal retrenchment despite the fact that the country is mired in recession. Here\u2019s\u00a0the official line<\/a>\u00a0from the German Council of Economic Experts:<\/p>\n

\n
The economic turnarounds in Ireland, Portugal, Spain and – until the end of last year – also in Greece show that the principle “loans against reforms” can lead to success.<\/strong>\u00a0For the new program to work, Greece has to show more ownership for deep structural reforms. And it should make use of the technical expertise offered by its European partners.<\/em><\/div>\n<\/blockquote>\n

As we\u2019ve shown, the idea that the periphery has truly implemented anything close to \u201causterity\u201d is absurd on some measures – like debt-to-GDP for instance.<\/p>\n

\"\"<\/a><\/p>\n

Equally absurd to the 44.2% of Italian youths\u00a0who are unemployed<\/a>\u00a0and, no doubt, to the nearly 23% of Spain\u2019s population that are jobless, is the idea that the policies imposed by the troika in exchange for aid have done anything at all to engineer what Germany\u2019s economic wisemen are calling \u201cturnarounds.\u201d<\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

Here, courtesy of\u00a0The New York Times<\/a>, is what “success” and “recovery” looks like in Spain:<\/p>\n

\n
Spain, heralded by many as a success story for austerity policies, is on track for more than 3 percent growth this year and has created more than one million jobs since the beginning of 2014.<\/em><\/div>\n<\/blockquote>\n
\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Sorry Troika, Spain’s Economic Recovery Is “One Big Lie” During six months of protracted and terribly fraught negotiations between Athens, Berlin, Brussels, and the IMF, the idea that Spain, Italy, and Ireland somehow represented austerity \u201csuccess stories\u201d was frequently trotted out as the rationale behind demanding that Greece embark on a deeper fiscal retrenchment despite […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2504,6760,95,195,3725,233,281,282,353,1167,418,1512,4696,743,2868],"class_list":["post-10966","post","type-post","status-publish","format-standard","hentry","category-economics","tag-athens","tag-berlin","tag-brussels","tag-debt","tag-debt-to-gdp","tag-ecb","tag-europe","tag-european-central-bank","tag-gdp","tag-greece","tag-imf","tag-ireland","tag-portugal","tag-spain","tag-troika"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10966"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10966\/revisions"}],"predecessor-version":[{"id":10967,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10966\/revisions\/10967"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}