by Warren Cole Smith
Posted 2/23/15, 10:22 am
Context. The big economic news around the world last week continued to be Greece. Back in 2012, Greece was on the brink of economic ruin and it looked like it might also tear apart the eurozone. But the European Union and the International Monetary Fund bailed the country out, to the tune of about €240 billion. But Greece had to agree to some severe austerity measures, including deep cuts in government spending. That had a huge effect on Greek citizens because of the extent to which government spending drove the Greek economy.