The writer is senior economist at OFCE Sciences Po, Paris and teaches at the School of Government and Public Policy, Indonesia. He served as senior economic advisor to the Italian prime minister (1999-2002).
Private spending will resume when expectations on the future change, when the economy resumes growth.
In Greece, investment is just 35 per cent of what it was in 2007, and austerity has seriously affected the quality of education and healthcare.
With the end of the Mughal Empire and the rise of British power, the 19th century Muslim intellectual had to reimagine his politics.