The Periphery Six
Cyprus, Greece, Ireland, Italy, Portugal, and Spain all appear headed for a lost decade of high unemployment and low GDP growth. Avoiding such an outcome would require them to unite in a caucus to demand the policies needed to ensure economic recovery.
https://prosyn.org/8GaZQ7q
WASHINGTON, DC – Cyprus, Greece, Ireland, Italy, Portugal, and Spain share a problem. With massive debt, no control over monetary policy, and no leeway for fiscal stimulus, they appear headed for a lost decade of high unemployment and low GDP growth. Such a path would drain the political establishment of legitimacy and prevent a real recovery in Europe.