• An introduction to the Greek crisis giving some of the main causes and facts. DO NOT SPEND TOO LONG ON THIS. This section should account for no more than about 20% of the essay.
• A brief statement of the “Austerian” position. The main elements can be found in the article by Paul Krugman cited on page 4 of this document, but you will get credit for any additional research or use of economic theory. This section should account for no more than about 20% of the essay.
• An explanation of the “Keynesian” position using the Keynesian model (this includes the Keynesian Cross model, the IS-LM model and the AD-AS model). This is the main section and should account for about 60% of the essay.
• At least three line diagrams, although equations may also be used. If you do not include diagrams in your essay, you will not receive a pass mark.
• A brief conclusion containing a summary of your main points and highlighting any issues you did not have time to address. You may wish to include your own opinion here.
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