Greece Will Lose a Generation Trying to Become Ireland

Even if Greece is able to follow Ireland out of crisis, it will take decades

Lost generation?

Photographer: Chris Ratcliffe/Bloomberg

"The idea originated with the School of Salamanca in the 16th century and was developed, in its modern form, by Gustav Cassel in 1918. The concept is based on the law of one price, where in the absence of transaction costs and official trade barriers, identical goods will have the same price in different markets when the prices are expressed in the same currency." — Purchasing power parity, Wikipedia

One day Greece will be normal. What is normal? Bulgaria? Portugal? Perhaps, it's something more aspirational; Ireland?

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