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Greece: a hard road ahead « Previous | |Next »
May 20, 2012

The Greek economy has problems over and above a high level of indebtedness resulting from the Greek government being spectacularly spendthrift.

Nikos Chrysoloras lists them for us.There are the problems of public finance mismanagement, over-reliance on public and private consumption, lack of medium and large export-oriented enterprises, low competitiveness, tax evasion, and weak administrative capacity. In the absence of any export capacity (eg., raw materials) restoring the competitiveness of the Greek economy and changing its structure is the only way for the country to survive in the absence of cheap credit.

RowsonG8.jpg Martin Rowson

It's a hard road ahead for Greece as the hard landing cannot be avoided, even if there is a relaxing of the timetable of Greece's deficit reduction and budget cuts.

| Posted by Gary Sauer-Thompson at 10:37 PM | | Comments (1)
Comments

Comments


Thomson tried to construct a trojan horse but when they stood back it kinda like looked more lika donkey.
Eeeorrr eeorrrrrways tells fibs.