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Financial Times - United Kingdom | Tuesday, June 9, 2015

Let the Greeks stay poor

The fact that the Syriza-led government in Athens is as popular as ever is proof that the Greeks don't want serious reforms, economist Francesco Giavazzi complains in the liberal daily Financial Times: "If the Greeks do not want to modernise, we should accept it. By a large majority, they have voted for a government that, six months after the election, remains vastly popular. Its popularity with the electorate signals a wish to remain a nation with a per-capita income half that of Ireland, less than that of Slovenia. ... Without economic and social reforms, Greece will remain a relatively poor country. But it is not for the rest of Europe to impose reforms on Greece. It should merely make crystal clear that without serious reforms, new official loans are over."

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