European Investment Correspondent
Jeremy's Feed
Apr 13, 2012
via MacroScope

The Law of Diminishing Greeks

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The Law of Diminishing Returns  states that a continuing push towards a given goal tends to  decline in effectiveness after a certain amount of effort has been expended. If this weren’t the case, Usain Bolt would be able to run the mile in  less than 2-1/2 minutes.

From an economic standpoint, this law now seems to be fully in force in Greece. The latest jobs figures from the twice-bailed out euro zone country paint a bleak numerical picture of the impact of unrelenting austerity in ordinary Greeks, regardless of whether it was self-inflicted or not. To wit:

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    • About Jeremy

      "Chief Desk Editor, Economics & Markets, based in London. Previously European Investment Correspondent, Bureau Chief for Greece and Cyprus in Athens and Senior Correspondent for the European Union in Brussels. Began career covering U.S. politics in Washington D.C."
      Joined Reuters:
      1990
      Languages:
      English, French, some Greek
      Awards:
      State Street Investment Correspondent of the Year, 2007
      Part of Emmy-nominated team for
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