On Losing the War

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By Cole Lennon If economic booms and busts are like battles, Greece has surely lost the war.  Greece’s economy been in horrific conditions since 2010, and the damage is still ongoing.  Data from the World Bank reveals that Greece’s real GDP per capita has fallen from $26,861 (in U.S. dollars) in 2010 to $21,956 in 2013, the most recent full year available.  This is a massive 18.3% decrease in a key economic indicator, which suggests Greece’s problems have gotten worse. Additionally, European Commission data shows that Greece’s unemployment rate has gone from 10.8% in January 2010 to the most recent November 2014 rate of 25.9%.  The latter unemployment rate is higher than even the highest rate during the U.S.’s Great Depression.  It is evident that the Greeks have decisively lost crucial economic battles since 2010.  Given this data, the surprise now is not about the verdict.  The shock is that they are still not waving the white flag of surrender.

Sources

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