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2011-06-27

Maybe Greek MPs would be right to say No - FT.com

June 26, 2011 7:34 pm

Maybe Greek MPs would be right to say No


No wonder the Greeks are becoming wary of extreme austerity. They will only ever accept it over long periods if there is a plausible endgame. EU economics officials and their political masters are ideological supply-siders. They misjudged the effects of the Greek austerity programme on growth the first time round. They do so now. They will do it again. And this ruins the endgame for the Greeks.

The combination of a half-hearted financial support programme and dogmatism are reasons why even perfectly rational Greek MPs might end up voting No tomorrow. The programme, as it stands, is politically, economically and morally hard to justify

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