But the fiscal requirements are too stringent for any of the above to work. Eighty years ago we learned from John Maynard Keynes that you don’t fight recession with fiscal austerity. His message today is as relevant as it was in the depths of the Great Depression. Greece is in a Great Depression.
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Christopher Pissarides is a Nobel Prize winner in economics and professor at the London School of Economics. The opinions expressed in this commentary are solely those of the author.
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