http://www.iedm.org/fr/rss fr On childcare, don’t look to Quebec http://www.iedm.org/fr/54528-on-childcare-don-t-look-to-quebec <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> National Post, p. A09 </div> </div> </div> <p>Le syst&egrave;me qu&eacute;b&eacute;cois de garderies subventionn&eacute;es.</p><p><a href="http://www.iedm.org/fr/54528-on-childcare-don-t-look-to-quebec" target="_blank">en lire plus</a></p> Thu, 30 Jul 2015 13:08:42 +0000 iedm 54528 at http://www.iedm.org On childcare, don’t look to Quebec http://www.iedm.org/fr/node/54527 <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> National Post, p. A09 </div> </div> </div> <p>The Quebec subsidized daycare system.</p> <p><a href="http://www.iedm.org/fr/node/54527" target="_blank">en lire plus</a></p> Thu, 30 Jul 2015 13:05:57 +0000 iedm 54527 at http://www.iedm.org Les CPE ne sont pas un exemple à suivre http://www.iedm.org/fr/54521-les-cpe-ne-sont-pas-un-exemple-a-suivre <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> La Presse, p. 14 </div> </div> </div> <p>Le syst&egrave;me qu&eacute;b&eacute;cois de garderies subventionn&eacute;es.</p><p><a href="http://www.iedm.org/fr/54521-les-cpe-ne-sont-pas-un-exemple-a-suivre" target="_blank">en lire plus</a></p> Wed, 29 Jul 2015 10:42:19 +0000 iedm 54521 at http://www.iedm.org Les CPE ne sont pas un exemple à suivre http://www.iedm.org/fr/node/54520 <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> La Presse, p. 14 </div> </div> </div> <p>The Quebec subsidized daycare system.</p> <p><a href="http://www.iedm.org/fr/node/54520" target="_blank">en lire plus</a></p> Wed, 29 Jul 2015 10:38:43 +0000 iedm 54520 at http://www.iedm.org The risks that come with a national pharmacare program http://www.iedm.org/fr/54505-the-risks-that-come-with-a-national-pharmacare-program <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> The Globe and Mail, p. A11 </div> </div> </div> <p>La pression en faveur d&#39;un syst&egrave;me national d&#39;assurance m&eacute;dicaments.</p><p><a href="http://www.iedm.org/fr/54505-the-risks-that-come-with-a-national-pharmacare-program" target="_blank">en lire plus</a></p> Fri, 24 Jul 2015 12:23:34 +0000 iedm 54505 at http://www.iedm.org The risks that come with a national pharmacare program http://www.iedm.org/fr/node/54504 <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> The Globe and Mail, p. A11 </div> </div> </div> <p>The push for a national pharmacare system.</p> <p><a href="http://www.iedm.org/fr/node/54504" target="_blank">en lire plus</a></p> Fri, 24 Jul 2015 12:20:49 +0000 iedm 54504 at http://www.iedm.org Redonner Radio-Canada à son public: une recommandation du Sénat... et de l’IEDM http://www.iedm.org/fr/54477-redonner-radio-canada-a-son-public-une-recommandation-du-senat-et-de-l-iedm <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> www.journaldemontreal.com/blogues/iedm, p. Web </div> </div> </div> <p>Le financement de la Soci&eacute;t&eacute; Radio-Canada.</p><p><a href="http://www.iedm.org/fr/54477-redonner-radio-canada-a-son-public-une-recommandation-du-senat-et-de-l-iedm" target="_blank">en lire plus</a></p> Tue, 21 Jul 2015 19:14:43 +0000 iedm 54477 at http://www.iedm.org Redonner Radio-Canada à son public: une recommandation du Sénat... et de l’IEDM http://www.iedm.org/fr/node/54476 <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> www.journaldemontreal.com/blogues/iedm, p. Web </div> </div> </div> <p>The financing of the Canadian Broadcasting Corporation.</p> <p><a href="http://www.iedm.org/fr/node/54476" target="_blank">en lire plus</a></p> Tue, 21 Jul 2015 19:11:38 +0000 iedm 54476 at http://www.iedm.org 'Vaping' is not similar to smoking http://www.iedm.org/fr/54467-vaping-is-not-similar-to-smoking <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> Montreal Gazette, p. A15 </div> </div> </div> <p>Les cigarettes &eacute;lectroniques et le projet de loi no 44 du Qu&eacute;bec.</p><p><a href="http://www.iedm.org/fr/54467-vaping-is-not-similar-to-smoking" target="_blank">en lire plus</a></p> Tue, 21 Jul 2015 12:28:59 +0000 iedm 54467 at http://www.iedm.org 'Vaping' is not similar to smoking http://www.iedm.org/fr/node/54466 <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> Montreal Gazette, p. A15 </div> </div> </div> <p class="p1">Electronic cigarettes and&nbsp;Quebec&rsquo;s Bill 44.</p> <p><a href="http://www.iedm.org/fr/node/54466" target="_blank">en lire plus</a></p> Tue, 21 Jul 2015 12:27:36 +0000 iedm 54466 at http://www.iedm.org Pour croître à nouveau, l'industrie des ressources doit être libre d'agir http://www.iedm.org/fr/54482-pour-croitre-a-nouveau-l-industrie-des-ressources-doit-etre-libre-d-agir <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> www.quebec.huffingtonpost.ca/michel-kellygagnon, p. Web </div> </div> </div> <p>Le fardeau fiscal et r&eacute;glementaire du secteur des ressources naturelles.</p><p><a href="http://www.iedm.org/fr/54482-pour-croitre-a-nouveau-l-industrie-des-ressources-doit-etre-libre-d-agir" target="_blank">en lire plus</a></p> Tue, 21 Jul 2015 10:54:48 +0000 iedm 54482 at http://www.iedm.org Pour croître à nouveau, l'industrie des ressources doit être libre d'agir http://www.iedm.org/fr/node/54481 <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> www.quebec.huffingtonpost.ca/michel-kellygagnon, p. Web </div> </div> </div> <p>The natural resources sector&#39;s tax and regulatory burden.</p> <p><a href="http://www.iedm.org/fr/node/54481" target="_blank">en lire plus</a></p> Tue, 21 Jul 2015 10:37:42 +0000 iedm 54481 at http://www.iedm.org Les bananes de St-Jérôme en péril http://www.iedm.org/fr/54452-les-bananes-de-st-jerome-en-peril <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> www.journaldemontreal.com/blogues/iedm, p. Web </div> </div> </div> <p>Le transport s&eacute;curitaire du p&eacute;trole.</p><p><a href="http://www.iedm.org/fr/54452-les-bananes-de-st-jerome-en-peril" target="_blank">en lire plus</a></p> Mon, 20 Jul 2015 16:41:42 +0000 iedm 54452 at http://www.iedm.org Les bananes de St-Jérôme en péril http://www.iedm.org/fr/node/54451 <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> www.journaldemontreal.com/blogues/iedm, p. Web </div> </div> </div> <p>Safe transportation of oil.</p> <p><a href="http://www.iedm.org/fr/node/54451" target="_blank">en lire plus</a></p> Mon, 20 Jul 2015 16:37:20 +0000 iedm 54451 at http://www.iedm.org The risk of government sticking its fingers in the electric socket http://www.iedm.org/fr/54281-the-risk-of-government-sticking-its-fingers-in-the-electric-socket <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> Calgary Herald, p. A21 </div> </div> </div> <p>La r&eacute;glementation de l&#39;&eacute;nergie.</p><p><a href="http://www.iedm.org/fr/54281-the-risk-of-government-sticking-its-fingers-in-the-electric-socket" target="_blank">en lire plus</a></p> Thu, 16 Jul 2015 10:00:00 +0000 iedm 54281 at http://www.iedm.org The risk of government sticking its fingers in the electric socket http://www.iedm.org/fr/node/54280 <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> Calgary Herald, p. A21 </div> </div> </div> <p class="p1">Regulating electricity prices.</p> <p><a href="http://www.iedm.org/fr/node/54280" target="_blank">en lire plus</a></p> Thu, 16 Jul 2015 10:00:00 +0000 iedm 54280 at http://www.iedm.org Greece’s economic lessons for us http://www.iedm.org/fr/54240-greece-s-economic-lessons-for-us <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> National Post, p. FP11 </div> </div> </div> <p>La trag&eacute;die grecque.</p><p><a href="http://www.iedm.org/fr/54240-greece-s-economic-lessons-for-us" target="_blank">en lire plus</a></p> Tue, 14 Jul 2015 17:39:14 +0000 iedm 54240 at http://www.iedm.org Greece’s economic lessons for us http://www.iedm.org/fr/node/54239 <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> National Post, p. FP11 </div> </div> </div> <p>The Greek tragedy.</p> <p><a href="http://www.iedm.org/fr/node/54239" target="_blank">en lire plus</a></p> Tue, 14 Jul 2015 17:35:16 +0000 iedm 54239 at http://www.iedm.org Greek tragedy: Budgetary irresponsibility at the heart of the problem http://www.iedm.org/fr/node/54186 <p><strong>Montreal, Tuesday, July 14, 2015 &ndash; </strong>The Greek crisis unfolding before our eyes is the result of a long history of budgetary irresponsibility and ruinous public spending decisions, explains a <em>Viewpoint </em>on the situation in Greece published today by the MEI.<br /> <br /> &ldquo;The Greek public finance crisis did not appear overnight. The Greek government has been living beyond its means for a very long time,&rdquo; says Mathieu B&eacute;dard, economist at the MEI and author of the publication.<br /> </p><p><a href="http://www.iedm.org/fr/node/54186" target="_blank">en lire plus</a></p> Tue, 14 Jul 2015 09:00:00 +0000 iedm 54186 at http://www.iedm.org Tragédie grecque : l’irresponsabilité budgétaire au cœur du problème http://www.iedm.org/fr/54185-tragedie-grecque-l-irresponsabilite-budgetaire-au-coeur-du-probleme <p><strong>Montr&eacute;al, le mardi 14 juillet 2015 &ndash; </strong>La crise grecque qui se d&eacute;roule sous nos yeux est le r&eacute;sultat d&rsquo;une longue histoire d&rsquo;irresponsabilit&eacute; budg&eacute;taire et de choix ruineux en mati&egrave;re de d&eacute;penses publiques, rappelle un <em>Point </em>sur la situation en Gr&egrave;ce publi&eacute; aujourd&rsquo;hui par l&rsquo;IEDM.<br /> </p><p><a href="http://www.iedm.org/fr/54185-tragedie-grecque-l-irresponsabilite-budgetaire-au-coeur-du-probleme" target="_blank">en lire plus</a></p> Tue, 14 Jul 2015 09:00:00 +0000 iedm 54185 at http://www.iedm.org Le Point – Tragédie grecque : le résultat d’une irresponsabilité budgétaire de longue date http://www.iedm.org/fr/54184-tragedie-grecque-le-resultat-d-une-irresponsabilite-budgetaire-de-longue-date <div class="field field-type-text field-field-subtitle"> <div class="field-items"> <div class="field-item odd"> Point montrant la longue histoire de déficits budgétaires qui ont mené à la présente crise grecque </div> </div> </div> <p>Dans les discussions sur la crise en Gr&egrave;ce, la question de la responsabilit&eacute; des Grecs de s&rsquo;&ecirc;tre mis dans cette situation est souvent &eacute;vacu&eacute;e. Ce <em>Point </em>vise &agrave; rappeler que la trag&eacute;die grecque qui se d&eacute;roule sous nos yeux n&rsquo;est pas arriv&eacute;e du jour au lendemain. Bien qu&rsquo;elle soit surprenante par son ampleur, cette crise est le r&eacute;sultat d&rsquo;une longue histoire de d&eacute;ficits budg&eacute;taires et de choix ruineux en mati&egrave;re de d&eacute;penses publiques.</p><div class="field field-type-text field-field-full"> <div class="field-label">Contenu complet:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <p><strong>Ce <em>Point</em> a &eacute;t&eacute; pr&eacute;par&eacute; par Mathieu B&eacute;dard, &eacute;conomiste &agrave; l&rsquo;IEDM. Il est titulaire d&rsquo;un doctorat en sciences &eacute;conomiques d&rsquo;Aix-Marseille Universit&eacute;, et d&rsquo;une ma&icirc;trise en Analyse &eacute;conomique des institutions de l&rsquo;Universit&eacute; Paul C&eacute;zanne.</strong><br /> <br /> Dans les discussions sur la crise en Gr&egrave;ce, la question de la responsabilit&eacute; des Grecs de s&rsquo;&ecirc;tre mis dans cette situation est souvent &eacute;vacu&eacute;e. Plusieurs commentateurs pointent m&ecirc;me du doigt les cr&eacute;anciers comme &eacute;tant principalement responsables des malheurs des Grecs, &agrave; cause des r&eacute;formes et restrictions budg&eacute;taires qu&rsquo;ils exigent du gouvernement grec en &eacute;change des pr&ecirc;ts additionnels que demande celui-ci pour maintenir l&rsquo;&eacute;conomie du pays &agrave; flot.<br /> <br /> Ce <em>Point</em> vise &agrave; rappeler que la trag&eacute;die grecque qui se d&eacute;roule sous nos yeux n&rsquo;est pas arriv&eacute;e du jour au lendemain. Bien qu&rsquo;elle soit surprenante par son ampleur, cette crise est le r&eacute;sultat d&rsquo;une longue histoire de d&eacute;ficits budg&eacute;taires et de choix ruineux en mati&egrave;re de d&eacute;penses publiques. Le gouvernement grec vit en effet au-dessus de ses moyens depuis tr&egrave;s longtemps.<br /> <br /> <strong>Des d&eacute;ficits et une dette hors de contr&ocirc;le</strong><br /> <br /> Au cours des 25 derni&egrave;res ann&eacute;es, le gouvernement grec a enregistr&eacute; un d&eacute;ficit budg&eacute;taire moyen &eacute;quivalent &agrave; 9,5&nbsp;% du PIB &ndash; soit presque trois fois la moyenne des pays de la zone euro &ndash;, avec un sommet &agrave; 23,3&nbsp;% en 1990. Le simple trou budg&eacute;taire de la Gr&egrave;ce, cette ann&eacute;e-l&agrave;, repr&eacute;sentait donc l&rsquo;&eacute;quivalent du quart de la richesse produite dans le pays durant toute l&rsquo;ann&eacute;e. Les crit&egrave;res de convergence du Trait&eacute; de Maastricht, que sont cens&eacute;s respecter les pays qui font partie de la zone euro ou qui souhaitent l&rsquo;int&eacute;grer, limitent les d&eacute;ficits publics &agrave; 3 % du PIB. Cette limite a &eacute;t&eacute; tr&egrave;s largement d&eacute;pass&eacute;e par la Gr&egrave;ce (<a href="/files/image/figure-1lepoint0615_fr.jpg" target="_blank">voir Figure 1</a>).<br /> <br /> Ces d&eacute;ficits n&rsquo;&eacute;taient pas toujours apparents dans les statistiques nationales, ce qui a permis &agrave; la Gr&egrave;ce d&rsquo;acc&eacute;der &agrave; la zone euro en 2001 m&ecirc;me si elle ne satisfaisait pas aux crit&egrave;res. La Gr&egrave;ce a une riche tradition de falsification de ses comptes nationaux. Les gouvernements de toute all&eacute;geance cachaient par exemple le poids de leurs d&eacute;penses militaires, ou surestimaient les revenus de leur s&eacute;curit&eacute; sociale, chaque fois &agrave; coup de centaines de millions d&rsquo;euros(1).<br /> <br /> Aujourd&rsquo;hui, la dette repr&eacute;sente plus de 177&nbsp;% du PIB grec(2). Les crit&egrave;res de Maastricht stipulent que la dette ne devrait pas d&eacute;passer 60&nbsp;% du PIB.<br /> <br /> L&rsquo;&eacute;conomie grecque, avant la crise financi&egrave;re de 2007-2008 et avant que le trou b&eacute;ant de ses finances publiques ne soit r&eacute;v&eacute;l&eacute; en 2009, a connu une forte croissance. Le PIB par habitant a connu une augmentation de 66&nbsp;% en huit ans seulement durant cette p&eacute;riode, passant de 13&nbsp;000 euros &agrave; pr&egrave;s de 22&nbsp;000 euros par ann&eacute;e. Malgr&eacute; l&rsquo;effondrement &eacute;conomique des derni&egrave;res ann&eacute;es, il reste plus &eacute;lev&eacute; aujourd&rsquo;hui qu&rsquo;il l&rsquo;&eacute;tait en 2000 (<a href="/files/image/figure-2lepoint0615_fr.jpg" target="_blank">voir Figure 2</a>).<br /> <br /> Cette forte croissance en partie stimul&eacute;e artificiellement par l&rsquo;endettement &eacute;tait insoutenable. Les Grecs paient maintenant le prix des largesses de leur gouvernement.<br /> <br /> D&rsquo;autres pays d&rsquo;Europe ont travers&eacute; des crises graves et ont su faire les sacrifices n&eacute;cessaires. La Lettonie, par exemple, a &eacute;t&eacute; l&rsquo;un des pays les plus durement touch&eacute;s par la crise &eacute;conomique de 2008-2010 et s&rsquo;en est sortie rapidement en r&eacute;duisant ses d&eacute;penses publiques d&rsquo;un montant sup&eacute;rieur &agrave; 15&nbsp;% de son PIB(3).<br /> <br /> Les institutions et gouvernements europ&eacute;ens, ainsi que le Fonds mon&eacute;taire international, ne sont pas responsables des choix faits par les Grecs. En revanche, ils sont pleinement responsables de leurs choix de pr&ecirc;ter &agrave; un &Eacute;tat qui n&rsquo;a jamais eu la volont&eacute; de se r&eacute;former. Les cr&eacute;anciers institutionnels de la Gr&egrave;ce ont aujourd&rsquo;hui de la difficult&eacute; &agrave; trouver une solution &agrave; cause de consid&eacute;rations g&eacute;opolitiques et par crainte de cr&eacute;er un pr&eacute;c&eacute;dent qui serait aussit&ocirc;t exploit&eacute; par d&rsquo;autres pays europ&eacute;ens tr&egrave;s endett&eacute;s comme l&rsquo;Espagne et l&rsquo;Italie.<br /> <br /> <strong>Conclusion</strong><br /> <br /> La situation ayant men&eacute; &agrave; la crise des finances publiques grecques est le r&eacute;sultat d&rsquo;une longue histoire d&rsquo;irresponsabilit&eacute; budg&eacute;taire. Des d&eacute;ficits hors de contr&ocirc;le se sont accumul&eacute;s au cours des ann&eacute;es et cette dette est aujourd&rsquo;hui probablement devenue trop importante pour &ecirc;tre rembours&eacute;e dans sa totalit&eacute;. M&ecirc;me en tenant compte du 3e plan d&rsquo;aide annonc&eacute; cette semaine, les Grecs, de m&ecirc;me que les contribuables des autres pays europ&eacute;ens, devront malheureusement subir les cons&eacute;quences de cette incurie pendant encore plusieurs ann&eacute;es. Un cas extr&ecirc;me qui devrait servir de le&ccedil;on &agrave; tous ceux qui, au Qu&eacute;bec ou ailleurs, consid&egrave;rent que l&rsquo;endettement n&rsquo;est pas un probl&egrave;me : si l&rsquo;on veut v&eacute;ritablement garder le contr&ocirc;le sur sa destin&eacute;e, il faut &eacute;viter de trop s&rsquo;endetter.<br /> <br /> <strong>R&eacute;f&eacute;rences</strong><br /> <br /> 1. Tony Barber, &laquo;&nbsp;Greece condemned for falsifying data&nbsp;&raquo;, <em>Financial Times</em>, 12 janvier 2010; Gunther Hanreich, &laquo;&nbsp;Eurostat takes issue with former Greek PM on reasons for the revision of economic data&nbsp;&raquo;, <em>Financial Times</em>, 28 d&eacute;cembre 2004.<br /> 2. The Economist Intelligence Unit, Country data, Public debt, 2014.<br /> 3. Fond mon&eacute;taire international, <em>Republic Of Latvia: First Post-Program Monitoring Discussions</em>, IMF Country Report no 12/171, 25 juin 2012, p. 3.</p> </div> </div> </div> <p><a href="http://www.iedm.org/fr/54184-tragedie-grecque-le-resultat-d-une-irresponsabilite-budgetaire-de-longue-date" target="_blank">en lire plus</a></p> Tue, 14 Jul 2015 09:00:00 +0000 iedm 54184 at http://www.iedm.org Viewpoint – Greek Tragedy: The Result of Longstanding Budgetary Irresponsibility http://www.iedm.org/fr/node/54183 <div class="field field-type-text field-field-subtitle"> <div class="field-items"> <div class="field-item odd"> Viewpoint describing the long history of budgetary deficits that led to the current Greek crisis </div> </div> </div> <p>In discussions of the crisis in Greece, the issue of the responsibility of the Greeks for having gotten themselves into this situation is often ignored. The purpose of this&nbsp;<em>Viewpoint&nbsp;</em>is to remind readers that the Greek tragedy unfolding before our eyes did not happen overnight. Although surprising in its magnitude, this crisis is the result of a long history of budgetary deficits and of ruinous public spending decisions. Indeed, the Greek government has been living beyond its means for a very long time.</p> <div class="field field-type-text field-field-full"> <div class="field-label">Contenu complet:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <p><strong>This <em>Viewpoint </em>was prepared by Mathieu B&eacute;dard, Economist at the MEI. He holds a PhD in Economics from Aix-Marseille University, and a Master&rsquo;s degree in Economic Analysis of Institutions from Paul C&eacute;zanne University.</strong><br /> <br /> In discussions of the crisis in Greece, the issue of the responsibility of the Greeks for having gotten themselves into this situation is often ignored. Many commentators even point the finger at the country&rsquo;s creditors, ascribing to them primary responsibility for the Greeks&rsquo; hardships because of the budgetary restrictions and reforms they have demanded from the Greek government in exchange for the additional loans the government has requested to keep the country&rsquo;s economy afloat.<br /> <br /> The purpose of this <em>Viewpoint </em>is to remind readers that the Greek tragedy unfolding before our eyes did not happen overnight. Although surprising in its magnitude, this crisis is the result of a long history of budgetary deficits and of ruinous public spending decisions. Indeed, the Greek government has been living beyond its means for a very long time.<br /> <br /> <strong>Out-of-Control Deficits and Debt</strong><br /> <br /> Over the past 25 years, the Greek government has registered budgetary deficits averaging 9.5% of GDP&mdash;nearly three times the eurozone average&mdash;hitting a high of 23.3% in 1990. Greece&rsquo;s budgetary hole that year therefore represented the equivalent of one quarter of the wealth produced in the country throughout the entire year. The Maastricht Treaty&rsquo;s convergence criteria, which countries in the eurozone or wanting to join it are supposed to respect, limit public deficits to 3% of GDP. Greece has exceeded this limit by a wide margin (<a href="/files/image/figure-1lepoint0615_en.jpg" target="_blank">see Figure 1</a>).<br /> <br /> These deficits were not always apparent in national statistics, which allowed Greece to join the eurozone in 2001 even though it did not meet the criteria. Greece has a rich tradition of falsifying its national accounts. Governments of all stripes would hide their military spending, for example, or overestimate their social security revenues, each time by hundreds of millions of euros.(1)<br /> <br /> Today, the debt amounts to over 177% of Greek GDP.(2) The Maastricht criteria stipulate that a country&rsquo;s debt should not exceed 60% of GDP.<br /> <br /> The Greek economy, before the financial crisis of 2007-2008 and before the yawning chasm of its public finances was revealed in 2009, experienced strong growth. GDP per capita grew by 66% over just eight years during this period, going from 13,000 euros to nearly 22,000 euros a year. Despite the economic collapse of the past few years, it remains higher today than it was in 2000 (<a href="/files/image/figure-2lepoint0615_en.jpg" target="_blank">see Figure&nbsp;2</a>).<br /> <br /> This strong growth, in part stimulated artificially through the use of debt, was unsustainable. The Greek people are now paying the price for their government&rsquo;s largesse.<br /> <br /> Other European countries have gone through serious crises and have made the necessary sacrifices. Latvia, for instance, was one of the countries most harshly affected by the 2008-2010 economic crisis, but bounced back quickly after reducing public spending by an amount exceeding 15% of its GDP.(3)<br /> <br /> Neither European institutions and governments, nor the International Monetary Fund, are responsible for the choices made by the Greeks. They are, however, entirely responsible for their decisions to lend to a government that was never willing to reform itself. Today, Greece&rsquo;s international creditors are having a hard time finding a way forward, for geopolitical reasons and for fear of creating a precedent that would immediately be exploited by other heavily indebted European countries like Spain and Italy.<br /> <br /> <strong>Conclusion</strong><br /> <br /> The situation that led to the Greek public finance crisis is the result of a long history of budgetary irresponsibility. Out-of-control deficits piled up year after year, and today this accumulated debt has probably become too large to be reimbursed in its entirety. Even with the third bailout announced this week, the Greek people, and the taxpayers of other European countries as well, will unfortunately suffer the consequences of this gross negligence for many years to come. It&rsquo;s an extreme case that should serve as a lesson for all of those in Quebec and elsewhere who think that debt is not a problem: To really remain in control of one&rsquo;s destiny, excessive debt must be avoided.<br /> <br /> <strong>References</strong><br /> <br /> 1. Tony Barber, &ldquo;Greece condemned for falsifying data,&rdquo; <em>Financial Times</em>, January 12, 2010; Gunther Hanreich, &ldquo;Eurostat takes issue with former Greek PM on reasons for the revision of economic data,&rdquo; <em>Financial Times</em>, December 28, 2004.<br /> 2. The Economist Intelligence Unit, Country data, Public debt, 2014.<br /> 3. International Monetary Fund, <em>Republic Of Latvia: First Post-Program Monitoring Discussions</em>, IMF Country Report No. 12/171, June 25, 2012, p. 3.​</p> </div> </div> </div> <p><a href="http://www.iedm.org/fr/node/54183" target="_blank">en lire plus</a></p> Tue, 14 Jul 2015 09:00:00 +0000 iedm 54183 at http://www.iedm.org Quand des syndicalistes jouent aux capitalistes http://www.iedm.org/fr/54158-quand-des-syndicalistes-jouent-aux-capitalistes <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> Le Journal de Montréal, p. 45 </div> </div> </div> <p>Le cr&eacute;dit d&rsquo;imp&ocirc;t f&eacute;d&eacute;ral pour les fonds de travailleurs.</p><p><a href="http://www.iedm.org/fr/54158-quand-des-syndicalistes-jouent-aux-capitalistes" target="_blank">en lire plus</a></p> Sat, 11 Jul 2015 12:16:59 +0000 iedm 54158 at http://www.iedm.org Quand des syndicalistes jouent aux capitalistes http://www.iedm.org/fr/node/54157 <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> Le Journal de Montréal, p. 45 </div> </div> </div> <p>The federal tax credit for labor-sponsored funds.</p> <p><a href="http://www.iedm.org/fr/node/54157" target="_blank">en lire plus</a></p> Sat, 11 Jul 2015 12:08:41 +0000 iedm 54157 at http://www.iedm.org Governments Should Not Set the Minimum Wage http://www.iedm.org/fr/54145-governments-should-not-set-the-minimum-wage <div class="field field-type-text field-field-source"> <div class="field-items"> <div class="field-item odd"> www.huffingtonpost.ca/yanick-labrie, p. web </div> </div> </div> <p>Le contr&ocirc;le des prix et de ses cons&eacute;quences.</p><p><a href="http://www.iedm.org/fr/54145-governments-should-not-set-the-minimum-wage" target="_blank">en lire plus</a></p> Wed, 08 Jul 2015 10:31:09 +0000 iedm 54145 at http://www.iedm.org