Winners and Losers in the Greek Financial Crisis
In early 2010, then Prime Minister George Papandreou concluded that the state of Greek public finances was so dire that the country could not hope to borrow on global markets, and thus could no longer service its public debt. Contrary to prevailing notions, Greece’s problems did not stem from high-wage Greek workers, nor was it simply the result of a spendthrift state: Greek wages are only about 83 percent of prevailing levels across the EU15...