{"id":2324,"date":"2011-11-02T10:00:27","date_gmt":"2011-11-02T14:00:27","guid":{"rendered":"http:\/\/www.multiplier-effect.org\/?p=2324"},"modified":"2011-11-02T10:04:02","modified_gmt":"2011-11-02T14:04:02","slug":"haircut-failure","status":"publish","type":"post","link":"https:\/\/blogs.bard.edu\/multiplier-effect\/haircut-failure\/","title":{"rendered":"Haircut Failure"},"content":{"rendered":"<p>C. J. Polychroniou delivers his verdict on the recent eurozone &#8220;haircut&#8221; deal for Greece (that already looks likely to fall apart given yesterday&#8217;s news that Papandreou will submit the plan to a sure-to-be-defeated referendum).\u00a0 In this <a href=\"http:\/\/www.levyinstitute.org\/publications\/?docid=1428\">new one-pager<\/a>, he highlights a number of elements that make the deal destined for failure\u2014even if the referendum were to succeed.\u00a0 The most glaring flaw, says Polychroniou, is the absence of any credible plan for <em>growth<\/em> (and as the leaked &#8220;troika&#8221; document <a href=\"http:\/\/www.multiplier-effect.org\/?p=2261\">reveals<\/a>, even some policymakers in the eurozone are coming to admit that &#8220;austerity!&#8221; does not constitute such a plan):<\/p>\n<blockquote><p>More fundamentally, a 50 percent haircut alone will not solve the Greek debt problem. When all is said and done, neither recapitalizing European banks nor turbo-charging the EFSF (especially with dubious schemes) can credibly resolve the eurozone crisis without also enacting policies to promote long-term growth. And at this stage, the only viable and immediate solution to reviving the economies of Greece and the other European member-states is through public spending and quantitative easing. But these are policies that are precluded by Germany\u2019s incorrigibly stubborn disposition toward expansionary fiscal consolidation.<\/p><\/blockquote>\n<p>Read the one-pager <a href=\"http:\/\/www.levyinstitute.org\/publications\/?docid=1428\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>C. J. Polychroniou delivers his verdict on the recent eurozone &#8220;haircut&#8221; deal for Greece (that already looks likely to fall apart given yesterday&#8217;s news that Papandreou will submit the plan to a sure-to-be-defeated referendum).\u00a0 In this new one-pager, he highlights a number of elements that make the deal destined for failure\u2014even if the referendum were [&hellip;]<\/p>\n","protected":false},"author":202,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-2324","post","type-post","status-publish","format-standard","hentry","category-eurozone-crisis"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/2324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/users\/202"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/comments?post=2324"}],"version-history":[{"count":8,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/2324\/revisions"}],"predecessor-version":[{"id":2334,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/2324\/revisions\/2334"}],"wp:attachment":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/media?parent=2324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/categories?post=2324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/tags?post=2324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}