If there’s one country in the Western World that is a poster child for what austerity can do to an entire society, it’s Greece. The country has been subject to strict austerity programs imposed on it by the rest of Europe, at the behest of finance kingpins who caused the financial crisis in the first place.
The blog Keep Talking Greece looks [3] at a report put out by the Germany Institute for Macroeconomic Research that tallies up the damage from the austerity regime between 2008 and 2012. Here are some of the key findings:
Greek Poor Lost Almost All Of Their Income, The Rich Fared Better: Although sloganeering for austerity often invokes the need to tighten belts, not everyone in Greece had to tighten quite so much. The poor lost 86 percent of their income, but the richest Greek households lost closer to 17 to 20 percent.