The fallout of the Greek “oxi” referendum has caused commentators, analysts and politicians to warn of the dangers of accruing a "Greek-style level of debt". Social Services Minister Scott Morrison took to the airwaves to warn that, for all the human tragedy associated with the Greek economic collapse, they “had their warning back in the ‘80s and chose to do nothing about it”, suggesting Greece’s bankrupt pensioners and 40% of children who are living in poverty are “reaping what they sowed”.
Five things everyone misunderstands about the Greek debt crisis
Greece spent profligately and did not fully commit to austerity, right? Wrong. Australia Institute chief economist Richard Denniss explains five misconceptions about the Greek debt crisis, with help from Australia Institute researcher Cameron Amos.