More indebted than we know? Informing fiscal policy with an index of sustainable welfare for Greece

Given the austere economic measures imposed to Greece after the commencement of the economic crisis in 2010, we calculate the Index for Sustainable Economic Development (ISEW) with the aim to inform policy and stakeholders about the sustainable Greek GDP. Throughout 2000-2012, annual GDP per capita appears many times higher than the ISEW per capita for the period, thus making the Greek debt payback a more difficult exercise to solve.