Sunday, February 1, 2015

Lazy Greeks

First Rebuttal posted some interesting charts and posits that "what you think you know about the Greek situation is likely not the real issue".

I wanted to confirm this data for myself and presented it slightly differently.  Below is the not seasonally adjusted annual Production of Total Industry numbers scaled to 100=January 1, 1999.

The chart outlines the growth of the various regions before and after the Euro (look at Greece go!).  It also highlights the outsized benefits to Germany under the Euro scheme and the difficulties of surviving a severe downturn without control over your currency. 

Total OECD and the UK are in there, as well, for reference.

Source: FRED