Monday, January 26, 2015
Ending Greece's Nightmare
http://www.nytimes.com/2015/01/26/opinion/paul-krugman-ending-greeces-nightmare.html?_r=0 DUE 2 FEB 2015. What is austerity?? Why is austerity unpopular in Greece?? Why was Mr. Syriza elected?? What is the solution for Greece's troubles, according to Krugman??
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Austerity is the term for measures taken to reduce the budget defecits of a government facing an economic slump. Austerity is unpopular in Greece because their measures were unsuccessful and had adverse effects. The measures were projected to not effect growth and unemployment because the then recession was projected to end shortly. In reality, the recession got worse, as did the unemployment rate. Greeks are now opposed to austerity because they have seen negative results of it.
ReplyDeleteMr. Tsipras was elected because he assured that he would abandon the austerity practices that have been common since 2010. The Greek are against these practices because they have not helped the Greek economy, which has just recently begun to recover after a severe downturn.
According to Krugman, the solution to Greece's troubles is measures even more radical than Tspiras'. Krugman thinks Greece should ease austerity while also instituting debt relief. Krugman thinks these practices could help but may not be enough, abandoning the euro would really solve its problems but this is a major step Greece is not yet ready for.
Alexis Tsipras will become the first European leader elected on an explicit promise to challenge the austerity policies that has occurred since 2010. He will become the prime minister of Greece. Austerity is the sternness or severity of a manner. It is also a strict economy. In May 2010, there was a standby arrangement with the International Monetary Fund, where they would loan money to the country in return for austerity and reform.
ReplyDeleteIt is an unpopular idea in Greece because it was peddling an economic fantasy and the Greek people have been paying it ever since. Greece was already in a recession when the deal was made. It suggested that it would end nut actually it was a nightmare because it gathered momentum. It experienced a depression with unemployment at 28 percent. Mr. Tsiperas was elected because European officials would be well advised to skip the lectures calling on him to act responsibly. The solution would be to have debt relief and an easing of austerity but it may not produce a strong recovery.
Austerity is the term for the harsh or severe measures that a government uses to reduce their budget. This usually happens when the country is going though an "economic slump." This practice is very unpopular in Greece because the people experienced it before and it did not work. They were inefficient and unsuccessful. Unemployment rates rose as well as the national debt. Greeks experienced this before and do not want to go through it again.
ReplyDeleteMr. Tsipras was the first elected official to run who was opposed to the austerity practices. He was elected because he assured people that he would get rid of the austerity practices that have been in place since 2010.
According to Krugman, the solution to Greece's troubles is to take radical actions. He thinks that Greece needs to slowly introduce austerity practices while also participating in debt relief.
He also believes that Greece needs to abandon the Euro, which would be a major decision.
Austerity refers to when the government takes measures to reduce expenditures in an attempt to decrease their growing budget. Austerity is unpopular in Greece because its policies highly damaged the economy and the entire program was unsuccessful. According to the article the projections assumed that Greece could impose austerity with little affect on growth and employment. At the same time it was assumed that the recession would end soon. Instead conditions got worse as unemployment rates increased and the Greeks began to highly oppose austerity.
ReplyDeleteMr. Tsipras was elected because he promised his people that he would get rid of the austerity programs that have been established since 2010. This would give hope to the Greeks as austerity has left more than 28% of the general population unemployed and 60% of the youth unemployed. According to Krugman, the solution to Greece’s troubles would be that Syriza’s plans are not “radical” enough. Krugman mentioned that with debt relief and an easing of austerity this could better Greece’s economic status. But it was uncertain whether this would highly benefit the country. He also mentioned that Greece should abandon the euro, but this would be large decision as the people are not yet ready for this.
Austerity are policies that are used by the government to reduce budget deficits during recessions, the policies use include spending cuts and/or tax increases. Austerity is so unpopular in Greece because these policies led to the overall unemployment rate rising with no sign of going back up and most of Greece’s GDP is in taxes. Mr. Tsipras was elected because he promised that he would stop using the austerity policies that has prevailed since 2010 and have been so unpopular with the people. Krugman says that Syriza isn't being radical enough, he says that providing debt relief and an easing in austerity like they had promised may not bring a full recovery but would at least ease that economic pain.
ReplyDeleteAusterity refers to when the government takes measures to reduce expenditures in an attempt to decrease their growing budget. Austerity is unpopular in Greece because their measures were unsuccessful and had adverse effects. Unemployment rates rose as well as the national debt. Greeks experienced this before and do not want to go through it again. Mr. Tsipras was the first elected official to run who was opposed to the austerity practices. He was elected because he assured people that he would get rid of the austerity practices that have been in place since 2010. According to Krugman, the solution to Greece's troubles is to take radical actions. He thinks that Greece needs to slowly introduce austerity practices while also participating in debt relief. He also mentioned that Greece should abandon the euro, but this would be large decision as the people are not yet ready for this.
ReplyDeleteAusterity is defined as the government measures taken to reduce expenditures to lower growth budget deficits. Austerity is seen as unpopular in Greece due to the policies damaging society through the larger unemployment rate which shows no rate of decrease. Austerity, in terms of Greece's economy, has worsened the situation and has cause the unemployment rate to increase dramatically.
ReplyDeleteMr. Tsipras was elected due to his promise to his people stating that he will put a halt in utilizing the austerity policies which was established in 2010. His promise has sparked hope in the lives of citizens, especially of those who are unemployed in Greece. The solution for Greece's troubles, according to Krugman, is that Syriza's plans are not radical enough and that a debt relief with an easing on austerity will be beneficial to Greece's economy.
"Alexis Tsipras, leader of the left-wing Syriza coalition, is about to become prime minister of Greece. He will be the first European leader elected on an explicit promise to challenge the austerity policies that have prevailed since 2010. “ Austerity refers to the “standby arrangement with the bank and Europe's commissions to extend the countries ones in return for reform and austerity. It was unpopular because it did not work. it was a dreamt up fantasy that the greek people will have to pay and have bin paying He was elected on the foundation of opposing the austerity policies! European leader elected on an explicit promise to challenge the austerity policies that have prevailed since 2010.” krufman states they are in a very bad position and the only was to escape that is to make fast risky choices and that might not even help to the extent its needed. Decisions like leaver the euro, and debt relief.
ReplyDeleteAusterity is when the government takes harsh or severe measures in order to reduce the budget. Sharp cuts in spending were implemented in Greece in order to fix the economy back in 2010. However, these plans have backfired. Instead of a contraction is 2011 and then a recovery in 2012, Greece didn't hit the bottom until 2014. This failure has caused austerity to be extremely unpopular in Greece. Mr. Tsipras has been elected to be the new prime minister of Greece. He was elected because he promised to challenge the austerity policies that have been in place since 2010. The failures of the prior leadership allowed Mr. Tsipras to win the election. Krugman does not think there is an easy solution to solve Greece's problems due to the damage that has already been done. Krugman believes the easing of the austerity policies could reduce the damage in the economy but will not be enough to allow it to recover. Rather, in order to fix it, radical policies may be needed. An example of one of these steps is abandoning the euro but Krugman thinks that Greece isn't ready to do that yet.
ReplyDeleteAusterity, which has been a terrible policy for Greece according to Krugman, is the process of cutting spending in public services, wages of government workers and social benefits. This policy is inherently conservative, where its policy makers hope that, even though spending cuts have dropped and unemployment rose, the economy would jump start once enough debt has been relieved.
ReplyDeleteNobody in Greece wants to leave the euro currency, but the current austerity policies have been unpopular in their actual results. What was expected to be a small jump in unemployment turned into roughly 60% of the youth unemployed and 28% overall unemployment. A sharp increase in unemployment was expected in 2009, but the true decline has finally reached its bottom in 2014. It’s what Krugman calls a fantasy policy – one that just doesn’t work.
What Mr. Syriza plans to do for Greece is challenge those conservative policies which have only damaged the country. By challenging the policy-makers, he hopes that the country can stay on the euro. According to Krugman, there’s not much Greece can do but change its currency. However, the only alternative solution is to put into effect more liberal policies and get rid of the Troika (money for austerity).
Austerity is an economic policy in which the federal government attempts to reduce public sector debt by cutting spending and raising tax rates. Austerity is unpopular in Greece because public programs, like welfare and state sponsored health care, are getting cut. In addition government workers are unhappy because their wages are getting slashed.
ReplyDeleteMr. Syriza is a left wing, pro inflation politician. He was elected because the Greek people believe that conservative fiscal policies have not been working. They think that Mr. Syriza's measures will be more effective. According to Krugman, debt relief and the mitigation of austerity is the solution for Greek's problems. Krugman believes that an expansion of public spending will spur economic growth and increase government tax revenue. As a result, Krugman hypothesizes that Greek debt levels will go down and economic activity will pick up.
Austerity refers to measures taken by the government to reduce their soaring budget deficits. Austerity is a common practice among governments during a recession and involves spending cuts. Austerity is unpopular in Greece because of the savage cuts in public services, wages of government workers and social benefits. As a result, the quantity and quality of services and benefits offered by the government have decreased. Employment has also suffered a downturn for it was originally expected to fall from 15% in 2012, but now stands at 28%.
ReplyDeleteMr. Tsipras was elected because of his opposition to austerity measures and his pledge to renegotiate Greece’s bailout plan. According to Krugman, the solution for Greece’s troubles is to initiate radical measures. This would involve debt relief and an easing of austerity. Krugman notes that these actions may not be enough to produce a strong recovery as they are short-term. Other options may arise if the Greek government is prepared to abandon the Eurozone, but the people are not ready for that.
Austerity, economically, describes policies used by governments to reduce budget deficits during adverse economic conditions which may include spending cuts or tax increases. Along with austerity comes unemployment in the short run and Greece’s unemployment rate was expected to increase from 9.4 percent in 2009 to almost 15 percent in 2012. However, this downturn did not end in the short run, rather it is still in effect today and it did not hit the bottom until 2014. By this time Greece was in a deep depression and overall unemployment was 28 percent while unemployment among youths was nearly 60 percent.
ReplyDeleteGreece chose Syriza because he made an explicit promise to challenge the austerity policies that have prevailed since 2010. Krugman states that the over optimism of the hard-headed officials is what led to the economic nightmare. They relied too heavily on a surge in the in the private sector as a result of austerity. Krugman believes that Syriza needs to be extremely radical in eliminating the austerity plan. “Debt relief and an easing of austerity would reduce the economic pain, but it’s doubtful whether they are sufficient to produce a strong recovery.” At the end of the article Krugman brings up the possibility of abandoning the euro as a solution for Greece’s financial crisis.
The definition austerity is when measures are put into place in order to reduce any and all budget deficits of a government that is in an economic downfall. Austerity is seen to be unpopular in Greece because the strategies and measures Greece implemented had only opposite effects on their government and economy. These strategies and measures were projected to not show any effect on growth and unemployment rates since the recession Greece was in was predicted to end soon. Overall, Greece was thrown deeper in their recession along with their economy’s growth and unemployment rates due to austerity.
ReplyDeleteMr. Syriza was elected into office because he had promised the people of Greece that he would destroy any and all austerity programs that were passed since the year 2010. The people of Greece found this to be a light of hope granted upon them because with the austerity programs in place the Greeks had more than 28% of their population face unemployment and 60% of young people facing unemployment. However, Krugman states that the solution to Greece’s troubles would be that Syria’s plans are not radical enough. He also stated that if Greece had debt relief and the riddance of austerity would help Greece’s economy. Yet, Krugman was uncertain if this plan would actually benefit Greece greatly or not.
When people speak of austerity they refer to the policies that the government takes to reduce the budget by cutting spending. Mr. Syriza was elected in Greece because of his promise to directly challenge austerity in Greece. This has caused him to be elected because of how unsuccessful these programs have been and how they only seemed. To have increase unemployment and decrease government revenue. The solution to Greece's problems according to Krugman is to have a withdrawal from austerity policies and move toward policies that focus on increasing the spending of the public sector in order to increase government revenue which would also decrease the overall debt. He also says that they could change their currency but this option seems a lot more extreme and a lot less likely.
ReplyDeleteAusterity is the term for the harsh or severe measures that a government uses to reduce their budget. Austerity is a common practice among governments during a recession and involves spending cuts. Austerity is unpopular in Greece because their measures were unsuccessful and had adverse effects. The measures were projected to not effect growth and unemployment because the then recession was projected to end shortly. In reality, the recession got worse, as did the unemployment rate. Greeks are now opposed to austerity because they have seen negative outcomes from it.
ReplyDeleteAlexis Tsipras will become the first European leader elected on an explicit promise to challenge the austerity policies; This would give hope to the Greeks as austerity has left more than 28% of the general population unemployed and 60% of the youth unemployed.
According to Krugman, the solution to Greece's troubles is to take radical actions. Krugman believes the easing of the austerity policies could reduce the damage in the economy but will not be enough to allow it to recover.
Austerity is defined as government measures that are taken to reduce expenditures to lower growth budget deficits. It is very unpopular in Greece Brcause of the policies that have made its country go through a larger unemployment rate, which does not show a rate of decrease. In Greece's economy, austerity has made the situation even worse than it already was. Because of this, the unemployment rate has increased drastically.
ReplyDeleteMr. Tsipras was elected because he promised his people stating that he will stop the austerity policies which was established in 2010. His promise peaked the interest of those who were unemployed.The solution for Greece's Problem in Krugman's point of view , is that Syriza's plans are not that crazy and that a debt relief with an easing on austerity will help Greece's economy.
Austerity describes policies used by governments to reduce budget deficits during adverse economic conditions. Austerity is unpopular in Greece because it proved to be unsuccessful an it led to a number of adverse side effects: it caused the recession and the unemployment rate to get worse. Mr. Syriza was elected because he was opposed to austerity policies and pledged that he would get rid of the austerity practices. The solution for Greece's troubles, according to Krugman, is an easing of austerity and debt relief. He also believes that Greece should eventually abandon the euro.
ReplyDeleteAusterity is defined as different policies and measures taken by a government to cut back on costs and reduce spending. Austerity is hated by the Greeks, as Greece went through austerity measures as they were told to, yet it did not help them out of the recession, instead, throwing them deeper into the recession, with unemployment is even higher than it was before. Syrizia was elected because he opposes austerity measures, and will go against it. According to Krugman, the best action Greece can take at this point is to ease of austerity, and to increase spending on the public sector.
ReplyDeleteAusterity is defined as government measures that are taken to reduce expenditures to lower growth budget deficits. Austerity is a common practice among governments during a recession and involves spending cuts. Austerity is unpopular in Greece because their measures were unsuccessful and had adversative effects. According to the article the projections assumed that Greece could impose austerity with little effect on growth and employment. Mr. Tsipras was elected because he promised that he would stop using the austerity policies that they’ve been using since 2010 and have been so unpopular with the Greeks. According to Krugman, the solution to Greece's troubles is to take radical actions. He thinks that Greece needs to slowly introduce austerity practices while also participating in debt relief. Also he believes that they should abandon the Euro.
ReplyDeleteAusterity describes policies used by governments to reduce budget deficits during adverse economic conditions. Austerity may include spending cuts or tax increases. Austerity is not popular in Greece due to previous failed experiences. Previous attempts led to a rise in unemployment rates and the national debt. Mr. Syriza was elected because he opposed conservative policies such as austerity policies. He is attempting to keep Greece on the euro. Krugman believes that the solution for Greece's economic problems is relieving the national debt as well as a backing away from austerity. He also thinks that Greece should try to abandon the euro and return to their own national currency.
ReplyDeleteAusterity is defined as different policies that a government implements to reduce the countries budget. Austerity is unpopular in Greece because of the many previously failed policies that were implemented that only worsened the economy. Mr. Syriza was elected as prime minister in Greece to challenge the austerity policies that have prevailed in Greece since 2010. Krugman believes that the solution to Greece's problems would be to radically cut down the austerity practices and relieving the country of its debt.
ReplyDeleteAusterity is defined as the process of making severe budget cuts in areas like social benefits, public services, and labor wages. This has been in effect in Greece from 2010 and has a growing distaste from Grecians because of the reduced benefits, such as welfare and certain health care options. This system is also unpopular because the government workers are inefficiently working because of their wage cuts, giving them less motivation to perform well. Alexis Tsipras was recently elected on the base of challenging the current austerity policies, he will also be the first European leader to put these ideas into practice. Krugman believes the key to Greece’s success relies on changing their currency from the euro and begin to enforce debt relief. Radical actions like these are essential to changing Greece’s fortune. Simply reducing the austerity is not enough to bring Greece back into good light.
ReplyDeleteAusterity is when the government takes aciona to reduce expenditures to decrease their growing budget. Austerity is not particularly popular in Greece because their measures were unsuccessful and had adverse effects. Unemployment rates rose as well as the national debt. Greeks experienced this before and do not want to go through it again. Mr. Tsipras was the first elected official to run who was opposed to the austerity practices. He was elected because he assured people that he would get rid of the austerity practices that have been in place since 2010. Krugman thinks that Greece needs to slowly introduce austerity practices while also participating in debt relief. it is suggested to leave the euro, but people are used to it as it will take time to adjust.
ReplyDeleteAusterity is the economic term for government policies set into place to reduce growth budget deficits, cut spending, and raised taxes. It was unpopular in Greece because spending on welfare, government wages, and other social benefits were cut. Mr. Syriza was elected because his liberal views and policies are opposite to the failed conservative policies that were under gone, and thus the people likened opposition with higher chance of success. Krugman's proposed solution for Greece is to reduce their national debt, abandon austerity, and revert back to the drachma.
ReplyDeleteAusterity is the economic principle that during an economic recession a country should make severe budget cuts instead of spending money. Austerity also raises tax rates on citizens in order to balance the budget. Austerity is very unpopular ion Greece due to the fact that in order to reduce spending the Greek government is cutting social welfare programs, also the wealthy that don't use the social programs are upset with increased taxes. Mr. Syriza was elected because he believes in the policy of quantitative easing and the Greek people are willing to give anything, but austerity a try to solve economic issues. Krugman also believes in the economic policy of quantitative easing, where a country runs itself into debt, which provides negative effects in the long run, in order to provide a short-term solution to economic troubles.
ReplyDeleteAusterity describes policies used by governments to reduce budget deficits during adverse economic conditions. This particular practice became unpopular with Greece because of the dramatic increase in unemployment rates. Unemployment rates reached about 28% overall due to these practices of austerity.
ReplyDeleteAlexis Tsipras was elected because he pledged to end the austerity policies put into place many years ago. According to krugman, syriza should take more radical measures to solve their problems such as getting rid of the euro. Also he believes that practicing debt relief while easing austerity policies into effect would be the perfect balance to a stable economy.
Austerity can be defined as policies used by governments to reduce budget deficits during adverse economic conditions. Austerity is unpopular in Greece because the measures taken by the government allowed for the recession to grow in momentum. Rather, Greece entered a depression and had an unemployment rate of 28%. Too many cuts to public services left Greece in a bad situation.
ReplyDeleteAlexis Tsipras was elected on the explicit promise to stop the austerity policies that have been prevailing since 2010. Krugman finds that the best solution is to stop the cuts to the economic sectors and to help out with the tremendous debt in Greece. The plan needs to be more radical in order for it to work.
Austerity is defined by the merriam webster dictionary as policies used to reduce budget deficits through the use of spending cuts, tax increases, or a mixture of both. Austerity is unpopular in Greece because implementation did not work. Since the government cut spending and consumers more than half of the GDP, tax revenue goes down because there is less money to tax if most of it is being consumed by the government. Therefore less money is being collected, and people have less money and no job. The current unemployment rate in Greece is 28% and for the youth is 60% austerity adds to the problem.
ReplyDeleteMr.Tsipras was elected on the belief that he promised to stop austerity policies that have been in place since 2010. Krugman notes that there is not one soluton because even with international help, Greece continued to fall through. The only solution that would hypothetically be ``good`` is a more radical approach or abandoning the euro. Krugman basically concludes that the Government cannot really do anything at this point, the easing of austerity and debt relief will help but may not be enough for a strong recovery. The only chance is giving Alexis Tsipras a shot to fix because it couldnt hurt and he takes a realistic approach compared to most officials.
Austerity refers to the process of cutting spending in public services, and the benefits of people employed by the government. It was unpopular in Greece because it exacerbated the economy by not really affecting the growth and ultimately worsened due to the lowered unemployment rate. Austerity is unpopular with the Greeks because they did not alleviate the problem with the economy.
ReplyDeleteMr. Tspiras, when he first elected, was opposed to the austerity, and promised the people he would get rid of the practice in Greece. According to Krugman, the solution for Greece’s troubles would be to introduce the idea of debt relief alongside austerity, or maybe even leaving the euro.
Austerity refers to the measures (sometimes harsh) that the government takes in order to decrease their budgets and reduce deficits and expenditures. This was definitely not succesful in Greece because of the unemployment rate and how high it already is. What austerity also was doing was cutting out welfare programs, which are obviously beneficial in more ways than one.
ReplyDeleteMr. Tsipras was elected because he was someone who had a strong opposition to austerity and this gave the people a sense of hope because they believed that he was going to completely exterminate it. The Greek people, in order to reach some sort of "zen economy," believe in Tsipras because they need some kind of reassurance that their economy can be fixed, even without austerity.
According to Krugman, the way to solve the issue would be to continue using austerity by easing it in through policies while practicing debt relief. He believes this will help regardless of the fact that it will produce only a short term solution to a long term issue. He also believes in ditching the euro completely, which is a radical idea, but one he believes will put out their economical fire.
The term austerity is used to describe the harsh or severe measures that a government uses to reduce their budget, usually occurring when the country is going though an "economic slump." Austerity is unpopular in Greece because their measures were unsuccessful and had adverse effects. The measures were projected to not affect growth and unemployment because the recession was projected to end shortly when, in reality, the recession got worse, as did the unemployment rate.
ReplyDeleteMr. Tsipras was elected because he promised the people that he'd move away from austerity methods. This would give hope to the Greeks, considering austerity had left more than 28% of the general population unemployed and 60% of the youth unemployed. According to Krugman, the solution to Greece's troubles is to take radical actions. He thinks that Greece needs to slowly introduce austerity practices while also participating in debt relief. Additionally, they could adopt the euro, although this situation seems to be extremely radical and they may not be prepared for it.