This sounds fine but to get “investment led growth” you have to have willing investors and something attractive for them to invest in.

Greece has farming which is in the dark ages, hotels, tourism and shipping and ship leasing. Shipping is controlled by plutocrats, with more money than they know what to do with, farming is antedeluvian and the tourist industry is focused at the wrong-end of the telescope, on Ouzo guzzling British tourists and Germans who want to turn their bodies brown in the sun. Tourism and hotels need to be refocused on Voyages Jules Verne type travelers who are prepared to pay serious money for educational holidays, which look at Greece’s ancient history, under the guidance of a knowledgeable historian, rather than a functionally illiterate travel-rep, targeted to sell car hire and plate smashing evenings to people who have bought into the myth of “Zorba the Greek”.

Much of the previous bailout is un-collectable and should be written-off but the new bailout needs to be a one-off, with Greek assets placed in escrow in a neutral country, as security for the loan and compliance with reforms and restructuring measures.

John Gelmini