A Greek Tragedy

10 Jul 2015 7:44 PM | John Heap (Administrator)

If Greece is forced out of either the Euro, the EU or both - there are clear implications for the Greek economy. But will there be any implications for underlying productivity.


Well, there is some evidence - ironically from Greece itself - that national confidence and national pride do have a significant impact on the productivity of workers.


When Athens hosted the Olympics in 2004, there was a surge of national pride and of 'engagement' of the workforce with their country.   This resulted in both a sense of well-being for the workers and in a boost to the economy.


This suggests, unfortunately, that  exit from the Euro might have a negative effect on productivity and the economy - perhaps resulting in a kind of 'vicious spiral' of decline in the economy and national confidence.


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