Great Recession in Europe and the U.S. Great Depression - oh, Greece again

Post from the excellent True Economics

In a one-chart summary, why the Euro has been a painfully failing experiment in monetary policy:

The US Great Depression versus the Greek Recession

Greek Great Recession is now in year 11, and counting. By the end of 2019, the IMF estimates that the Greek economy will be 22.1 percent below the 2007 levels, and by 2024 (the furthest IMF forecast we have), it is expected to be 16.2 percent below the 2007 levels. ...

Greece is hardly the only economy in this situation. Italy is patently in the same boat, and as shown in the chart below, nine out of the EA19 states have experienced longer duration of recovery from the Great Recession than the U.S. from the Great Depression.

Euro area countries recession duration

Full post here.

Here is more on Greece by Bill Mitchell:

As you were Greece – remain in permanent depression – commitments are commitments!