![The Greek debt conundrum, explained The Greek debt conundrum, explained](https://www.cer.eu/sites/default/files/styles/spotlight/public/images/spotlight/in_the_press/2012/euro_crack_2_sl-1329123831.jpg?itok=P5ntbL8c)
The Greek debt conundrum, explained
"Greece is trying to massively reduce its public borrowing without anything to offset these measures, like [devaluing] the currency," says Simon Tilford of the CER. "So the cuts in spending become self-defeating because the economy is contracting faster than they can implement cuts."