David Blanchflower: Young people are suffering from austerity in the UK as well as in Greece | WHAT REALLY HAPPENED

David Blanchflower: Young people are suffering from austerity in the UK as well as in Greece

Enough is enough. At some point the Greek people were bound to say they were done with austerity, and last week they stood up and said we need some hope. It was time to get out of their Great Depression. What else could they do? Austerity, according to the European Commission/European Central Bank/International Monetary Fund “Troika”, was supposed to lead to the sunlit uplands. Always a pipe dream.

Overly tight fiscal and monetary policy was inevitably going to crush the Greek economy, and so it did. Austerity resulted in a drop in GDP since the start of the crisis of 28.8 per cent. Greece has a health crisis, with HIV rates up 700 per cent. Malaria has returned for the first time in 40 years, and there is widespread malnutrition. The Greek healthcare system is collapsing as a result of spending cuts, and children are not being vaccinated. Reductions in pay have resulted in thousands of doctors leaving for the UK, Germany and Scandinavia.

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA