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Greece on edge of the abyss
For several months now the eyes of world are focused on Greece, the “weak link” in the eurozone economy, as the country is fighting to survive against bankruptcy over soaring deficits (standing at 14% of GDP), astronomical debt (at a whopping 130% of GDP), and—more important than anything else–a collapsing productive sector. In many ways, the Greek saga has been worth following because the economic aspects involved merely represent the mirror image of everything we have associated politics with in the age of financialization.
May 17, 2010
