Monday, December 8, 2014

The Great Depression - Greek Edition

The Global Financial Crisis and the subsequent Great Recession visited untold economic suffering on both sides of the Atlantic. But, as the graphic from Barry Rithotz below shows, nowhere was this as comparable to the Great Depression as in Greece.
The Greek economy contracted by more than a quarter and is even today at just three-fourths its 2008 baseline! The other PIIGS also have a fair bit to recover even to get back to the baseline levels of output. 

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