May 2, 2010

French economics professor on virtue damning debt-burdened Greece

How can Greece grow out of its debt if there is deflation? Deflation increases the debt burden, so we are following this virtuous circle that is bringing us toward hell. Economics has nothing to do with virtue, which can kill an economy.

~Jean-Paul Fitoussi, professor of economics, Institut d’Études Politiques, Paris, France as quoted in "Deflation Could Stall Efforts To Revive Greece in Debt Crisis",, May 2nd, 2010

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