Greek Government Abruptly Shuts Down State Broadcaster

An anonymous reader writes "The Greek government shut down broadcasting of all TV and radio channels operated by the state-owned broadcaster ERT at midnight local time, with police ejecting journalists and other employees occupying the building. The above link is a prominent Greek economics professor's (and Valve's in-house economist) analysis of the political motivations for the move."

Comments

Re: How silly.

[Eunuchswear]

You mean, covering shortages by printing money can possibly have a positive effect? That's news to me.

John Maynard Keynes? Heard of him?

The EU works hard to help Greece here, and to stop the politicos' attempts to give handouts right during a collapse (like your average CEO, all they think about is short-term gains).

In the long run we're all dead.

If you're facing an incoming bankruptcy, the solution is not to go on another spending spree.

This is why the reductions spending have produced such a massive improvement in the Greek economy.

Even the fucking IMF have admitted they were wrong!

http://www.guardian.co.uk/business/2013/jun/05/imf-underestimated-damage-austerity-would-do-to-greece

We find that, in advanced economies, stronger planned fiscal consolidation has been associated with lower growth than expected, with the relation being particularly strong, both statistically and economically, early in the crisis. A natural interpretation is that fiscal multipliers were substantially higher than implicitly assumed by forecasters.

It turns out that cutting 1 euro of government spending shrinks the economy by 1.7 euros, not the 0,5 euros they thought.