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Home Publications Blogs Beat the Press The Low Bar for Good News in Greece

The Low Bar for Good News in Greece

Friday, 14 February 2014 06:47

The NYT reported that preliminary estimates showed GDP shrank 2.6 percent in the fourth quarter compared with the fourth quarter of 2012. This would make the decline in GDP 3.7 percent for 2013 compared with 2012, which it tells readers was smaller than the 4.0 percent decline expected by the I.M.F. While the piece notes that Greece's cumulative decline since the beginning of the downturn is 23 percent, leading to a 28 percent unemployment rate, it might have also been worth pointing out that the 3.7 percent drop is larger than any decline the U.S. economy has experienced in the last 60 years.

Comments (3)Add Comment
written by Last Mover, February 14, 2014 6:08

The problem with Greece is the government was looted by illegal economic criminals.

The problem with America is the government was looted by legal economic criminals.
As Greek GDP Drops, Debt/GDP Increases
written by Paul Mathis, February 14, 2014 7:29
Just to be clear, everyone understands that Greece is going backwards on its crucial debt to GDP ratio without increasing of its debt, right? And this is exactly how German-imposed austerity was designed to work, right?

Maybe you have to be German for this to make sense.
Greek debt - German banks
written by ethan, February 14, 2014 9:41
As I understand it, the German taxpayers are sending money to the Greek banks so that the Greek banks can pay off their debts to the German banks. If so, why not "rescue" the German banks directly, Iand cut out the middleman?

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.