Austerity failed to reduce Greek debt-to-GDP projections

Evidence

Despite these austerity binges, Greek debt is projected (if all things remain equal for the next eight years, which will never happen) to reach 120 percent of GDP by 2020. The IMF thinks 145 percent by 2020 is more likely. Just to keep things on track, democratically elected governments in Greece and Italy were deposed and replaced by unelected technocrats who promised to keep the reforms going. — Mark Blyth, Austerity, 201

Categorization

• XREF: The deposing of elected governments for unelected technocrats is a striking parallel to the extralegal/technocratic governance themes in the broader austerity literature (Mattei). — connects to: Austerity cuts raised the debt-to-GDP ratios of Eurozone crisis states. — Mark Blyth, Austerity: The History of a Dangerous…, 30; Austerity logic ignores that growth, not cuts, may resolve debt — Mark Blyth, Austerity: The History of a Dangerous…, 53; Austerity has failed systematically whenever governments face gold-standard-style constraints — Mark Blyth, Austerity: The History of a Dangerous…, 504 (+6 more)

Broader Connections

• Austerity logic ignores that growth, not cuts, may resolve debt #corroborates (0.85) — Mark Blyth, Austerity, 53
• Austerity has never successfully reduced debt and instead causes instability, riots, and war #corroborates (0.85) — Mark Blyth, Austerity, 614
• Austerity has failed systematically whenever governments face gold-standard-style constraints #expands (0.80) — Mark Blyth, Austerity, 504
• Showing austerity failed does not require proving Keynesian alternatives right #qualifies (0.80) — Mark Blyth, Austerity, 996
• Austerity theory only holds in a special case unlike actual economies #expands (0.75) — Mark Blyth, Austerity, 480
• Post-Soviet Russian transition preceded austerity that collapsed the wage share of GDP #exemplifies (0.75) — Clara E. Mattei, The Capital Order, 1739