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FACTDROP: "Seven Myths about the Greek Debt Crisis"


"Seven Myths about the Greek Debt Crisis"

"Senen Myths about the Greek Debt Crisis"

By Stergios Skaperdas, Department of Economics,University of California, Irvine
Oct 31 2011

"In reporting and in opinions presented in the mainstream Greek press there are a
surprising number of misconceptions and myths about the causes, consequences, and
available policies to combat the crisis.  Some of the misconceptions are consciously
propagated by the government and mainstream media while they know that they are
untrue.  Other misconceptions might be apparently believed by government officials,
those close to them and most of the press.

Many Greeks who are not economists or experts consciously or instinctively understand
that there is a serious problem with the dominant narrative, but they do not have the
knowledge to argue in detail against the misconceptions.  Moreover, many of those who
know better and could argue against the misconceptions either self-censor or have
difficulties in accessing mainstream media.

A subset of the misconceptions is also prevalent in the global press and propagated by
European politicians, bankers, and journalists.  My sense is that, curiously, there is less
debate and fewer challenges to misconceptions within Eurozone countries than outside of
them.  Perhaps this is because outside observers are less constrained in expressing their
independent assessment of the problems facing the Eurozone and Greece".


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