This is an outstanding, must-read article. Check it out!
via A programme for Greece: Follow the IMF’s research | VOX, CEPR’s Policy Portal.
The article looks at recent IMF research and proposes a practical programme for Greece.
Of course. there are political issues to address.
Dr Alf brings is interesting thoughts from the IMF, all three of which, ignore the evidence of the past 70 years. The evidence is that Greece has a long record since the end of World War II of not reforming or expanding its economy, of relying on tourism, particularly from Germany, of borrowing money and never repaying it, of blaming others for their misfortunes, of not paying property and other taxes and of expecting bailouts in perpetuity.
Greece likes to scaremonger by pretending that its problems are also problems for Europe, as if they were Atlas holding up the world but threatening to drop it if their mouths are not lined with gold.
Therefore it follows from that none of these IMF prescriptions for Greece’s economic salvation will work, in my view.
Greece has been told by Russia that it does not intend to buy Greek bonds and by the Chinese that they will require security.
The Greeks are sorely testing my patience but then I am a taxpayer and will eventually be made to pay a price along with millions of others for the failure of our leaders to find an effective solution.
Whilst I have sympathy for Greek children and the very poor elderly, I have less for the rest of the population.
Greece needs an efficient small government, low taxes, investment and hard-work. In addition, a fair solution is required to the debt crisis which includes write-downs. Most importantly it’s up to the people of Greece.