The European experience with large fiscal adjustments

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Series Details April 2010
Publication Date April 2010
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The Greek government has promised that it will cut its deficit by about 10-12% of GDP. In their review of past episodes of fiscal adjustments in the EU, CEPS researchers Cinzia Alcidi and Daniel Gros find such a huge adjustment is possible but it will probably take at least five years, and might still leave the country in a highly unstable position.

Source Link http://www.ceps.eu/book/european-experience-large-fiscal-adjustments
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