jueves, 16 de julio de 2015

Nine People Who Saw the Greek Crisis Coming

Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did
Ahead of their time?

Although the problems in Greece didn't begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. 

Meanwhile, it's interesting to note that the country had a tough time making it into the single currency in the first place. Greece failed to qualify for the euro in 1998 before being granted admission in 2001.

Here are some people who must have had crystal balls.

Wynne Godley

The British economist wrote about his own concerns in a 1992 article for the London Review of Books: ....

Arnulf Baring

The German political scientist offered dire predictions in his 1997 book Scheitert Deutschland? Here's an English translation: ...

Mathew Forstater

In an article for the Eastern Economic Journal, published in 1999, the economist discussed his concerns for the future of the euro currency:

Milton Friedman

In a keynote address with the Bank of Canada in 2000, the Nobel laureate offered some cautious words when asked about the future of the euro.  ...

Costas Simitis

In December, 2008, the former Greek Prime Minister mentioned the country's economic data in a speech to the country's parliament. It later emerged that Greece had flattered its debt profile through a series of deals. ...

Stephanie Bell Kelton

In an essay published in 2002, Kelton maintained that "prospects for stabilization in the eurozone appear grim." ...

Margaret Thatcher

According to her autobiography, back in 1990 the former Prime Minister of the United Kingdom warned that the single currency could not accommodate stronger and weaker economies. Here she is describing arguments with John Major about the topic: ...

Warren Mosler

As early as 2001, this economist anticipated flaws in the euro zone because its political structure does not allow individual member nations to manage a financial crisis due to the currency union. ...

L. Randall Wray

This economist was critical of the structure of the euro zone in his 1998 book, Understanding Modern Money. ...

It remains to be seen whether the most recent deal agreed between Greece and its creditors can paper over the cracks.


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