# Prof. Nicholas Economides discusses Greece's economy

1 Faculty News December 11, 2014>

Excerpt from [Bloomberg](http://www.bloomberg.com/video/is-it-2009-all-over-again-in-greece-suZyh2YsTamLhUMk1N5Hjw.html) -- "The austerity measures worked. In fact, Greece has a balanced budget. It even has a surplus, so that worked very well. The real problem is that people are very unhappy that their incomes have declined. There is a five-year recession and there is a lot of support for an opposition party, which, given the intricacies of the parliamentary system in Greece, might have a chance to be elected in March or so. And that has, of course, slumped the market because that left-wing party doesn't have any reasonable policies."

[Read more](http://www.bloomberg.com/video/is-it-2009-all-over-again-in-greece-suZyh2YsTamLhUMk1N5Hjw.html)