The Economist commented on the Greek debt crisis in an aptly titled article on February 11, 2012,
Question:
The Economist commented on the Greek debt crisis in an aptly titled article on February 11, 2012, “Brinkmanship in Athens,” as Greece led the European economy to the edge as a battle brewed between Greek political leaders attempting to satisfy its citizens’ demands and the European Central Bank, which held the much needed rescue funds but demanded major fiscal reforms in return. Using an AD/AS model, explain how a major monetary stimulus from the European Central Bank would affect Greece’s economy. Next, explain what the required austerity measures (i.e., budget cuts) might do to the economy. Do these measures conflict with each other? Explain.
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