Busting the myths of what caused the Greek crisis and why austerity won’t work
During the early 2000's with the launch of the euro, low interest rates on borrowing allowed Greece to live way beyond its means, racking up huge debts to fund excessive social spending and a bloated state apparatus. So goes the dominant narrative as to what caused Greece’s sovereign debt crisis. The only problem is that it isn’t true, argues author and political economist Zoltan Pogatsa.