The South African Civil Society Information Service
A nonprofit news agency promoting social justice. Seeking answers to the question:
How do we make democracy work for the poor?
A nonprofit news agency promoting social justice. Seeking answers to the question:
How do we make democracy work for the poor?
6 Jul 2011
On 29 June 2011, the Greek parliament passed a series of austerity measures, as thousands of people outside protested against the measures.
Would defaulting on the country's debt have been so bad for the people of Greece?
David Harvey, Distinguished Professor at the City University of New York, discusses whether the government of Greece had an alternative to austerity measures.
The Greeks should have defaulted, he says.
What they are doing now is awful. There will be no economic growth for the next 10-15 years. The standard of living is going to decline. And, at the end of that they are still going to have to default. The only question is, when this is going to happen.
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