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Sep 21, 2015

Austerity – the real Greek banking tragedy

Greece’s liquidity is gurgling straight into the maws of the European bankers who were largely responsible for the initial illness.

The idea that Greece's economy can be healed via swingeing cuts is a fanciful one

The real Greek tragedy of the moment is that Europe’s bankers are insisting on an austerity program that, far from reviving Greece’s economy, is driving it down so deep it will soon be flat-lining with Atlantis in the murky depths of the ocean. But maybe the Greeks brought it upon themselves. The word ‘economics’, derived from a Greek term for a household, originally referred to the craft of running a frugal house. Two millennia later, decision-makers believe the infinite

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