Wednesday, 10 August 2016

Costas Lapavitsas on Greece, Eurozone and Brexit

Interview to Andrew Brady |

Greece’s public debt stands at 176.3 pct of GDP in the first quarter of 2016, down 0.6% from the fourth quarter of 2015, but up 5.8% from the same period last year. The country’s central bank has forecasted Greece will post a primary surplus of 1.3% of GDP this year while official unemployment hovers just under 25% — so are things economically improving? Costas gives his perspective on the current situation in Greece.

In light of Brexit, Costas offers his views on the political consequences of the UK leaving the EU as opposed to the economic effects. This comes in the context of the Bank of England reducing interest rates to 0.25% and the services Purchasing Managers Index sharply contracting to 47.4 from 52.3. This was the first contraction since December 2012, and the rate of decline was the strongest since March 2009.