{"id":10987,"date":"2015-08-13T07:15:55","date_gmt":"2015-08-13T12:15:55","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10987"},"modified":"2015-08-13T07:15:55","modified_gmt":"2015-08-13T12:15:55","slug":"greeks-ditch-euro-for-alternative-currencies-as-parliament-votes-on-bailout","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10987","title":{"rendered":"Greeks Ditch Euro For Alternative Currencies As Parliament Votes On Bailout"},"content":{"rendered":"

Greeks Ditch Euro For Alternative Currencies As Parliament Votes On Bailout<\/a><\/h3>\n

Greece released a bit of amusing econ data on Thursday, as the country\u2019s statistical authority claimed GDP grew by 0.8% in Q2, well ahead of estimates of a 0.5% contraction. While we suppose it\u2019s feasible that things weren\u2019t as bad in Q2 as they have been since (capital controls weren\u2019t in place during the quarter), we think you\u2019d be hard pressed to find anyone in Greece who thought things were looking up for the economy heading into the referendum. In any event it doesn\u2019t matter, because as\u00a0WSJ notes<\/a>, the fiscal retrenchment enshrined in the country\u2019s third bailout program combined with the generally poor outlook means Greece faces a two-year recession – at least:<\/p>\n

Greece faces two years of recession amid sharp budget cuts and overhauls mandated by its \u20ac86 billion ($95 billion) bailout agreement, European Union officials said, as Greek Prime MinisterAlexis Tsipras expressed confidence that the deal would be completed.<\/em><\/strong><\/p>\n

The country\u2019s economy is expected to shrink 2.3% this year because of the recent months of turmoil and the cuts required by the bailout, the officials said, citing the latest estimates from the institutions that have been negotiating Greece\u2019s new aid program. Next year, it is projected to contract 1.3%.<\/em><\/p>\n

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Miraculously, the Greek economy is expected to rebound sharply in 2017, when it will supposedly grow at 2.7%. Clearly that\u2019s optimistic to the point of being largely meaningless, but that\u2019s the story Athens and creditors are sticking to for now and on Thursday, Greek lawmakers will be herded into parliament where they\u2019ll be pressured to pass some 40 new laws which will serve to plunge the country even further into depression than it already plunged during the first two months of Q3.<\/p>\n

 <\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

Greeks Ditch Euro For Alternative Currencies As Parliament Votes On Bailout Greece released a bit of amusing econ data on Thursday, as the country\u2019s statistical authority claimed GDP grew by 0.8% in Q2, well ahead of estimates of a 0.5% contraction. While we suppose it\u2019s feasible that things weren\u2019t as bad in Q2 as they […]<\/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":[8060,2015,233,280,353,1167,1264,2858,4318],"class_list":["post-10987","post","type-post","status-publish","format-standard","hentry","category-economics","tag-alternative-currency","tag-bailout","tag-ecb","tag-euro","tag-gdp","tag-greece","tag-recession","tag-tsipras","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10987","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=10987"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10987\/revisions"}],"predecessor-version":[{"id":10988,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10987\/revisions\/10988"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}