From the International Business Times:
As University of California, Irvine economics professor Stergios Skaperdas explained, austerity measures created an economic ripple effect. The deep government spending cuts and wage freezes left less money in ordinary Greeks’ pockets. That means less spending and less demand, further undercutting an already shaky economy.

For the full story, please visit http://www.ibtimes.com/greek-debt-crisis-what-will-third-eurozone-bailout-more-austerity-do-greek-economy-2000325.

 

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