{"id":184734,"date":"2012-02-02T21:09:00","date_gmt":"2012-02-03T02:09:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2012\/02\/02\/now-they-tell-us\/"},"modified":"2012-02-02T21:09:00","modified_gmt":"2012-02-03T02:09:00","slug":"now-they-tell-us","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2012\/02\/02\/now-they-tell-us\/","title":{"rendered":"Now They Tell Us"},"content":{"rendered":"<p>One of the architects of the European austerity program is now saying that <a href=\"http:\/\/www.guardian.co.uk\/business\/2012\/feb\/01\/imf-austerity-harming-greeve\">austerity is making things worse<\/a>:<\/p>\n<blockquote style=\"color: blue;\"><p>A leading architect of the austerity programme in Greece \u2013 one of the harshest ever seen in Europe \u2013 has admitted that its emphasis on fiscal consolidation has failed to work, and said economic recovery will only come if the crisis-hit country changes tack and focuses on structural reforms.<\/p>\n<p>Poul Thomsen, a senior International Monetary Fund official who oversees the organisation&#8217;s mission in Greece, also insists that, contrary to popular belief, Athens has achieved a lot since the eruption of the debt crisis in December 2009.<\/p>\n<p>&#8220;We will have to slow down a little as far as fiscal adjustment is concerned and move faster \u2013 much faster \u2013 with the reforms needed to modernise the economy,&#8221; he told the Greek daily Kathimerini, adding that the policy shift would be &#8220;reflected&#8221; in the conditions foreign lenders attached to a new rescue programme for Athens.<\/p><\/blockquote>\n<p>Hoocoodanode?<\/p>\n<p>Taking a pay cut makes it <b>harder<\/b> to pay off your debts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the architects of the European austerity program is now saying that austerity is making things worse: A leading architect of the austerity programme in Greece \u2013 one of the harshest ever seen in Europe \u2013 has admitted that its emphasis on fiscal consolidation has failed to work, and said economic recovery will only &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,984,1004],"tags":[],"class_list":["post-184734","post","type-post","status-publish","format-standard","hentry","category-economy","category-europe","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/184734"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=184734"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/184734\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=184734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=184734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=184734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}