A growth rate of 1.9 percent is way too small for a country like Greece, especially as the rest of Europe’s performance is so much more robust. This is, after all, a country that shed 25 percent of its gross domestic product (GDP) in the course of a decade. What we should be seeing, therefore, is the effect of a tightly wound spring, whereby a virtuous cycle of growth begins and only gets faster with time. Instead, we’re hobbling along at 1.9 percent, the slowest rate an economy can achieve after hitting rock bottom....
