Monday’s Conversation: Greece, EMU and Austerity

Every Monday during term time we meet in less formal circumstances to talk about economics: these are our Conversations in Economics, in which we usually reflect on some pertinent real world event, and attempt to apply some economics to it.

Last week we talked about Corbynomics in light of the Labour Party conference, and on Monday of next week we meet in HumSS 125
at 1pm to talk about Greece, EMU and Austerity.

While Greece may have fallen off our news radars in recent months, at least in terms of its economic situation (as opposed to one of the first places refugees have been arriving in the EU), it remains a place with deep economic problems, as the chart below shows:

Greek GDP since 1995

Since 2006 Greek GDP has fallen by a third in real terms. To try and make some sense of that, if a road had 9 factories on it, 3 would have by now shut down and not be producing anything (with subsequent unemployment that that would entail).

So, it’s still as important a time as ever to be talking about Greece, its situation within the EU, and the austerity it has had forced upon itself.

See you all on Monday!