Well, yes, this does tend to happen

Alexis Tsipras, the Greek prime minister, has promised to defy his critics by taking the country out of its longest-running crisis in modern times. “The worst is clearly behind us,” he told the Guardian in an exclusive interview.

“We can now say with certainty that the economy is on the up … Slowly, slowly, what nobody believed could happen, will happen. We will extract the country from the crisis … and in the end that will be judged.”

Not that it’s got much to do with Syriza or the various EU bonds who have been fucking things up.

Economies do tend to recover, eventually, but that’s not actually he point. How quickly is. By that measure the whole affair has been a disaster, hasn’t it?

Default and the return of the drachma would have been a much better idea.

21 comments on “Well, yes, this does tend to happen

  1. Nobody doubted the economy would recover. What we doubted was that you would ever pay all that money you borrowed, back. How’s that going?

  2. Default and the drachma was the best solution, of course. But two things would have happened.
    First, the euro and the EU itself would be seen as reversible, not inevitable. The elites in the EU could not allow that.
    Second, the ruling class in Greece would no longer be paid in euros. Disaster!

  3. Hey, Al baby, we have a new word for that phenomenon over here.

    It’s called despiteRemaining…

  4. Default and the return of the drachma would have been a much better idea.

    They didn’t have any drachmae though.

  5. @MB
    That’s the tragedy, isn’t it. It’s humble Costas & Maria who’ve taken all the pain. The rescue was to protect the interests of those of those responsible for the disaster. Who’ve come through it relatively untouched.
    Meanwhile,as RdJ points out, savers across Europe had their pockets picked.

  6. Like most of the British public, I disliked the Conservatives’ “dementia tax” proposal during the election campaign.

    But now that the election is over I can drop that and go back to what I actually believe in, which is taking all your money.

  7. “We will extract the country from the crisis … and in the end that will be judged.”

    You don’t get to chose how you are judged, dickhead.

  8. John2

    From the Aeon article;

    “Since the 2008 financial crisis, colleges and universities have faced increased pressure to identify essential disciplines, and cut the rest.”

    “According to a 2015 sociological study in the Journal of Economic Perspectives, the median salary of economics teachers in 2012 increased to $103,000 – nearly $30,000 more than sociologists.”

    “Alan Jay Levinovitz is an assistant professor of philosophy and religion”

    So there’s that.

    On the other hand;

    https://en.m.wikipedia.org/wiki/Mathiness

  9. According to a 2015 sociological study in the Journal of Economic Perspectives, the median salary of economics teachers in 2012 increased to $103,000 – nearly $30,000 more than sociologists.

    Which is still $73,000 short of what the difference should be.

  10. @John Square,

    Thanks for that, although he does tend to use mathematics to mean mathematical based models. By changing a few words, he could be discussing modern day climate science.

  11. Rob

    There are good sociologists. Just as there are bad economists. The bad sociologists spend a lot of time talking about social construction and critiquing economics poorly. Bad economists are on the fringe left.

  12. Default and the return of the drachma would have been a much better idea.

    But only temporary in terms of being a fix. Meaningful civil service and tax reforms would be better in the long run.

  13. Meaningful civil service and tax reforms would be better in the long run.

    But this ignores the whole basis of the modern Greek sociopolitical settlement which ended the Greek military junta of 1967–1974, whereby the lefties would get all of the well paid government jobs and the righties would have to pay for it.

  14. Are the critics of Alexis Tsipras demanding that he keep the country in crisis?

    No, but a little political honesty would go a long way, like acknowledging that it is Greece’s membership of the Eurozone and it’s one-size-doesn’t-fit-all interest rate zone that is the problem.

  15. Hasn’t Greece gone bankrupt four or five times since modern independence? There seems to be something about the character of the body politic in Greece that is predicated on spending what you don’t have and will never have.

  16. @ John Galt
    No, the problem is the endemic corruption and the insistence on spending money that they haven’t earned.
    If Greece was honest then belonging to the Eurozone would create problems, but it ain’t

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