Economic Insights – July 2015

Greece has dominated the financial news, off and on, since 2009. However, its economic and financial situation has gotten worse since it elected a far-left government in January. Instead of trying to boost growth and pay its debts by trimming spending and reducing regulation, the government is saying it won't cut retirement benefits and wants to raise taxes on what little private sector it has left.

Since Greece is part of the Eurozone, it doesn't have its own currency. It can't just devalue and cut pension benefits by sleight-of-hand. I.....