Lies, Damn Lies, and European Growth Statistics
Europe’s leaders have invested too much political capital in their failed policies toward the EU's periphery members to believe that they can reverse course. So now they are focusing on real national income data, which, during a period of deflation, is merely an effort to repackage an economic depression as a great success story.
ATHENS – “Greece has at last returned to economic growth.” That was the official European Union storyline at the end of 2014. Alas, Greek voters, unimpressed by this rejoicing, ousted the incumbent government and, in January 2015, voted for a new administration in which I served as finance minister.