This article will be the basis for the A2 Economics lesson in the last week of term. It’s quite long, but is a devastating (and entertaining) portrayal of some of Greece's fiscal problems, and how they arose. It is written by a well-known writer on Business and Economics, Michael Lewis (his book Liar's Poker is a must-read for anyone considering investment banking as a career).
The Unit 4 content includes government fiscal policy, taxation and macroeconomic stability. This is a highly topical example that has directly contributed to the Eurozone's current problems and the 'highly threatening' macro-economic environment we find ourselves in. As such, there could well be a question on these issues in this summer's exam.
YOUR TASK
Create a presentation on
1. Why were Greece's debts and budget deficit so much greater than they reported?
2. Why was their tax income so much lower?
3. What problems did this create for Greece?
Have a good half-term!
Create a presentation on
1. Why were Greece's debts and budget deficit so much greater than they reported?
2. Why was their tax income so much lower?
3. What problems did this create for Greece?
Have a good half-term!
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