Economics
World’s Virus Crisis Fighters Can Learn From Greek Tales of Woe
- Euro area braces for steepest economic crisis in living memory
- Output drop in Greece spiraled into political, social meltdown
Officials carry out disinfection works at National Library of Greece and its surroundings in Athens, on April 1.
Photographer: Ayhan Mehmet/Anadolu Agency via Getty Images
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For a guide to the dangers to a European democracy enduring a uniquely debilitating economic shock, Greece is an easy example at the continent’s doorstep.
A contraction of at least 10% may be unprecedented in postwar times for most industrialized nations, but that’s what UniCredit predicts for the euro area, Britain and the U.S. as they reel from the coronavirus crisis. The experience Greece had may well be different, but of a comparable magnitude -- with sobering consequences for the world’s political classes to ponder.