Greek public debt exceeds now 1,000 billion euros, compared to 341 billions in May 2010


G. Vamvoukas By George A. Vamvoukas, PhD, Professor of Economics and Econometrics, Athens University of Economics

Memorandum policies have tragically failed in Greece. Since May 2010 Greece has committed itself to loan memorandum contracts and so far the public debt continues to grow at an extravagant pace. Total short-term, medium- and long-term central government debt from € 341 billion in May 2010 rose tremendously to € 1,015.4 billion in June 2018, in a situation of prolonged recession in the Greek economy.  The primary objective of the economic policies pursued was, of course, the viability of the country’s debt. The term «viability» is considered to be the same as «manageability» in the sense that the country with its own economic powers will in the future be able to serve its public debt. Is it possible for a country’s public debt to be characterized as viable when it is rising for years…

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