Opinion – Greece’s Problem Is More Complicated than Austerity – HBR – John Gelmini

The short answer to Dr Alf’s question is ‘never’.

With regard to the Michael Jacobides article, the problems faced by Greece are considerably more complex than just austerity and its application.

Forcing the Greek government to remove barriers to competition and innovation will help but on their own they will not be enough.

Measures to change cultural values, like early retirement on a full pension, lack of productivity, tax evasion, corruption and theft of monies from the public purse will also be needed.

Then, the Greek economy needs restructuring, plus marketing to bring in wealthy tourists and conference attendees. After that university degrees need to be matched to the skills the country needs – there’s too much waste in Greece’s education system.

John Gelmini

Greece should seize Germany’s botched offer of a velvet Grexit – Telegraph

The is a very powerful article from Ambrose Evans-Pritchard, International Business Editor at the Telegraph. It’s a must-read. Check it out!

via Greece should seize Germany’s botched offer of a velvet Grexit – Telegraph.

Clearly, the latest deal is not sustainable. Despite the approval of the deal in Greece, with riots in the streets, it’s questionable whether any Greek government can deliver the latest austerity. It is clear to every expert, Greece needs massive loan write-offs and foreign investment & without it, Greece will again fail. So perhaps the velvet Grexit still offers a way out!