Socialists and Left Government

Abstract

After six years of recession, five under the tutelage of the hated ‘troika’ (the European Commission, the European Central Bank and the IMF), Greece’s future in the euro is again in question. Alexis Tsipras, Syriza’s fiery young leader, promises a panoply of feel-good policies, including tax cuts and a public-sector hiring spree, and a slashing of Greece’s debt load, which stands at over 170 percent‘ of GDP. But such pledges seem at odds with those made by Greek governments in exchange for the bailouts that have kept Greece in the single currency. Greek bond yields have spiked, and there are worrying signs of deposit outflows from banks. - The Economist.