The collapse in living standards in Greece

This article gives a fascinating insight into the current state of the Greek economy, something that has rather disappeared from view this year.

The reality is that it should be more prominent - perhaps it isn't because it might reveal too much about the prescriptive nature of successive bailouts and, to a large extent, discredit a fair chunk of neoclassical economics as well as the international institutions responsible for promoting it.

Have a think about the following sentence: "The poorest 20% of Greece’s 11 million people have suffered a 42% drop in disposable income since 2009." Does that sound like a vindication of policy to you?

Of course, the political elite that led Greece down this particular path will have suffered to a commensurate degree...