By Costas Efimeros
What the emblematic financial paper fails to include in the title is that the report suggests that this decline might happen gradually over the next four years and that in the past four years the austerity measures as imposed by the Troika have already caused a 25% fall of the Greek GDP.
It also fails to note that a GREXIT would also be followed by a seizure of loan payments as well as a sizeable haircut of the Greek debt. These would lead to a great relief since the country will not have to spend money in interest payments. Another factor that it fails to include is the awakening of productivity and the subsequent growth that might take place. These are basic pieces of information, which a first year student of economics would be required to know.
The most important omission in that article by the FT is that in the same report, Standard & Poors predicts that a GREXIT would have a huge cost for the Eurozone. S&P warns that the growth of the Euro could be hindered for “up to two decades”.
It seems that not only Greek, but international systemic Media have chosen sides in this battle.