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Tuesday, July 4, 2017

There are some alarming similarities between the British and Greek economies

http://www.businessinsider.com

Alexander Tziamalis is an associate professor in economics at Sheffield Hallam University.
The UK is not the first country to stand on the brink of leaving the EU.
It may enjoy a far bigger and more productive economy than that of Greece, but there are alarming structural similarities between the two economies that can’t be ignored.
Just like the threat of Grexit, Brexit is predicted to hurt the UK economy.
And now, after an indecisive election that weakened the government’s ability to govern, another similarity with troubled Greece is added. A critical one.
Chancellor Philip Hammond insists that the UK economy is “resilient”. But look closer and there are striking similarities with Greece, a country hit hard by recession.
Both enjoyed debt-fueled prosperity. UK government debt rose even more aggressivelythan its Greek counterpart. Successive governments in Greece ran deficits for many years. They were committed to public services such as free healthcare and free education. Both countries maintain an expensive army, a large civil service and have spent billions to host Olympic games.
The Greek government recently managed to reign in its deficits and currently experiences a structural surplus in its budget. The UK is still waiting.
for the rest of article, click the link: brexits-similarities-to-greek-economy

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