{"id":1756,"date":"2011-07-08T14:24:15","date_gmt":"2011-07-08T12:24:15","guid":{"rendered":"http:\/\/www.poleconomix.gr\/portal\/?p=1756"},"modified":"2011-07-30T17:32:43","modified_gmt":"2011-07-30T15:32:43","slug":"a-tale-of-two-defaults","status":"publish","type":"post","link":"https:\/\/www.poleconomix.gr\/portal\/a-tale-of-two-defaults\/","title":{"rendered":"A Tale of Two Defaults"},"content":{"rendered":"<p><a dir=\"ltr\" lang=\"en\" xml:lang=\"en\" rel=\"author\" href=\"http:\/\/www.project-syndicate.org\/contributor\/483\" target=\"_blank\">Gros, Daniel<\/a>.<\/p>\n<p>Once upon a time, there was a country plagued by large deficits, high inflation, and decades of economic stagnation. When economic problems once again became particularly acute, the country\u2019s leadership embraced a radical approach to achieving price stability.<\/p>\n<p>A new currency was introduced and pegged to the US dollar at a one-to-one exchange rate. A new law stipulated that this quasi-monetary union was to last forever. Moreover, the economy was opened, state enterprises were privatized, and the country participated in an important regional free-trade initiative.<\/p>\n<p>Initially, the new arrangement worked very well. Growth returned, and confidence among foreign investors was such that large inflows of foreign direct investment, especially in the banking sector, arrived.<\/p>\n<p><strong>\u03a0\u03b7\u03b3\u03ae: <\/strong>Project Syndicate<\/p>\n<p><a href=\"http:\/\/www.project-syndicate.org\/commentary\/gros24\/English\" target=\"_blank\">\u03c0\u03bb\u03ae\u03c1\u03b5\u03c2 \u03ba\u03b5\u03af\u03bc\u03b5\u03bd\u03bf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gros, Daniel. Once upon a time, there was a country plagued by large deficits, high inflation, and decades of economic stagnation. When economic problems once again became particularly acute, the country\u2019s leadership embraced a radical approach to achieving price stability. A new currency was introduced and pegged to the US dollar at a one-to-one exchange [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,32],"tags":[28,25],"class_list":["post-1756","post","type-post","status-publish","format-standard","hentry","category-18","category-32","tag-28","tag-25"],"_links":{"self":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/1756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/comments?post=1756"}],"version-history":[{"count":4,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/1756\/revisions"}],"predecessor-version":[{"id":2032,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/1756\/revisions\/2032"}],"wp:attachment":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/media?parent=1756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/categories?post=1756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/tags?post=1756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}