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these bubbles burst (e.g., when housing prices stop rising) this often leads to a prolonged period of economic instability …
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This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the social and political costs of a GREXIT, but also of a continuing austerity policy. It proposes a reform policy fostering growth in Greece and discusses the role of conditionality....
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