Greek Prime Minister George Papandreou resigns today as the economic crisis in Greece continues to agitate European and global markets. Last year in the Mediterranean Quarterly, Papandreou assessed strategies for recovery in the eurozone, including government bailouts like the assistance that his successor is now tasked with securing from the European Union:
“It is essential to remember that it was not the public sector but the private financial sector — enabled by neoliberal governments —that caused the subprime bubble and speculative boom. And it was the bailouts and stimulus packages provided by governments that prevented the financial crisis from turning into another Great Depression. So it is only fair that the financial sector should bear some of the costs of the crisis, which was largely of its own making.”
¾ George Papandreou in “A New Global Financial Architecture: Lessons from the Greek Crisis”
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