Responding to the Unemployment Crisis in Greece

Rania Antonopoulos, Senior Scholar at the Levy Economics Institute, describes her proposal for an “Employer of Last Resort” program in Greece. Part of the MMx seminar “The Disparate Impact of Unemployment: Macroeconomic Policy as a Tool for Race, Gender, and Age Discrimination” hosted by the Modern Money Network.

• RANIA ANTONOPOULOS:Introduction: Unemployment in Greece0:00
• RANIA ANTONOPOULOS:The Maastricht Treaty and National Debt0:44
  • RANIA ANTONOPOULOS:At the end of 2009, Greek debt to GDP ratio was 16%1:34
    • RANIA ANTONOPOULOS:Expenditures didn’t change much; revenue went down because of the financial crisis1:34
  • RANIA ANTONOPOULOS:Instead of letting the economy grow out of debt, creditors chose to impose austerity5:06
    • RANIA ANTONOPOULOS:We have 28% unemployment8:44
• RANIA ANTONOPOULOS:Major Unemployment Issues in Greece10:03
  • RANIA ANTONOPOULOS:Lack of our own currency leaves us with few options10:42
    • RANIA ANTONOPOULOS:There is no employment targets in the Eurozone12:13
  • RANIA ANTONOPOULOS:We act like unemployment is an individual problem13:25
    • RANIA ANTONOPOULOS:Job training doesn’t work17:51
    • RANIA ANTONOPOULOS:Youth unemployment in Greece is 60%18:21
• RANIA ANTONOPOULOS:The Job Guarantee/Employer of Last Resort Program20:38
  • RANIA ANTONOPOULOS:Net cost of the program = 1.4 – 1.8 billion euros23:39
    • RANIA ANTONOPOULOS:Full employment would cost as much as interest payments to 3rd parties on the national debt25:00
  • RANIA ANTONOPOULOS:Sources of financins26:27