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user-inactivated · 4192 days ago · link · · parent · post: IMF admits: we failed to realise the damage austerity would do to Greece
Greece's problems are not so much caused by some political or economic trait particular to Greece, but rather by the structural trade imbalances within the Eurozone, and the Eurozone's restrictions placed on member states that prevent them from compensating for those trade imbalances. Spain, Italy, Ireland, and others are subject to this same effect, which is also inversely responsible for the capital accumulation in countries like Germany.