Kommentare
Christian Grass - 5. Mai, 16:41
A bailout that hurts the Germans but doesn’t help the Greeks.
Oliver Hartwich. Centre for independent studies
(...)
The mistake most politicians make about the Greek situation is simple. They believe that Greece’s principal problem is its budget deficit of around 13 per cent of GDP (if the figures are to be trusted). If that were the case, plugging the hole in Greece’s public finances with international help could work. To be sure, it would still require huge amounts of money from the IMF and eurozone members. But it would buy the Greeks time to get their budget troubles under control.
This calculation will not work, though. It ignores the fact that apart from its fiscal crisis, Greece has more serious economic problems. The most pressing issue is Greece’s lack of cost competitiveness. To put it simply, as long as a cappuccino costs €4.50 in Athens, the country has no chance of economic recovery.
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http://blog.iea.org.uk/?p=2573
(...)
The mistake most politicians make about the Greek situation is simple. They believe that Greece’s principal problem is its budget deficit of around 13 per cent of GDP (if the figures are to be trusted). If that were the case, plugging the hole in Greece’s public finances with international help could work. To be sure, it would still require huge amounts of money from the IMF and eurozone members. But it would buy the Greeks time to get their budget troubles under control.
This calculation will not work, though. It ignores the fact that apart from its fiscal crisis, Greece has more serious economic problems. The most pressing issue is Greece’s lack of cost competitiveness. To put it simply, as long as a cappuccino costs €4.50 in Athens, the country has no chance of economic recovery.
...
http://blog.iea.org.uk/?p=2573
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