Greece’s Problem Is More Complicated than Austerity
Harvard Business Review
JULY 27, 2015
For a country that isn’t export-oriented, and whose major industry, tourism, relies on stability, having its own currency is not much of a solution to economic woes. Back in 2010, before the haircut, when Greece ran out of money, all of its debt was private and issued under Greek law. The IMF, ECB, and EU own the rest.
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