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We talk a lot about the failure of Greek austerity around here, and the debunked idea that a country in the midst of a depression can get out of its debt hole by cutting spending.But take a step back from the failed maths for a moment, and read this piece at NYT by Landon Thomas Jr. on social secay in Greece.
As the economy has slowed, suicide hotlines are seeing much more activity. Former professionals are homeless, or seeking social aid, and basically everyone is still in emotion shock.
Now, as you know, all of Europe is figuring out how to administer a second dose of the “medicine” which will involve more cuts.
In the end, Europe will probably foist more cash on the country — because of the banks on the hook for Greek debt — but you have to wonder how much longer domestic politicians will put up with the failed Eurozone system, that doesn’t allow for any other alternative.