Sourced through Scoop.it from: ineteconomics.org

"The IMF and Greece’s other creditors have assumed that massive fiscal contraction has only a temporary effect on economic activity, employment and taxes, and that slashing wages, pensions and public jobs has a magical effect on growth. This has proved false. Indeed, Greece’s post-2010 adjustment led to economic disaster — and the IMF’s worst predictive failure ever."

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