Opinion – Greece has nothing to lose by saying no to creditors – Wolfgang Munchau – FT.com – John Gelmini

English: Odos Aioulou, National Bank of Greece...

English: Odos Aioulou, National Bank of Greece / Ethniki Trapeza tis Ellados. (Photo credit: Wikipedia)

Dr Alf talks about the likelihood of a last minute “grubby deal” with Greece as a way for Merkel and Hollande to avoid taking the hit of 160 billion Euros on loans which they should have written down a long time ago.

Paddy Power the bookmakers called the UK General election correctly despite the BBC’s blatant attempts to pretend that we were headed for a hung Parliament plus equally misguided attempts by Labour politicians and past their sell by date people like Lord Ashdown to say that it was “too close to call”. They have now shortened the odds on GREXIT to a racing certainty so based on that likely outcome we need to consider what should happen next.

Firstly, Greece should be given no more money and with our help should restructure its economy and revitalize its tourist industry to bring in immediate foreign exchange. Greece could work off some of its obligations by contributing to a European military force.

Secondly, Greece has huge numbers of automobile engineers but no car industry, whereas Germany has a car industry and even the UK does, albeit with too few engineers. Dealing with mismatches like this, either through BPO or leasing people on an interim basis, would help to gradually solve Greece’s unemployment problem.

Thirdly, Greece needs new industries and needs to make its farming much more efficient so that it becomes fully self-sufficient in food and it needs to make wines which are drinkable which wealthy people want to buy. English and Danish farmers are the most efficient in the world and some should be sent to Greece as part of an EU scheme to show them what needs to be done.

Fourthly, Greece has a great ancient history and that should be packaged and marketed to tourists with serious money in expensive Voyages Jules Verne Holidays of appeal to Chinese, Asian and other plutocrats, rather than Mr and Mrs Bloggs from 32, Acacia Avenue who want to imitate Zorba the Greek for a week and then return to Luton Airport, burned to a crisp and befuddled with ouzo. The same could be done on a bigger scale with the Greek islands being used as an alternative to Hollywood film sets and as places where themed conferences could be held.

John Gelmini

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