Ξεχωρίζω τη διαπίστωση του για το μεγαλύτερο πρόβλημα που αντιμετωπίζει σήμερα η χώρα:
For some time now, Greece’s main problem has not been the budget deficit (which is declining), nor even competitiveness (which is recovering); it is the...
...lack of finance for the real economy. Credit has been all but frozen even for healthy companies, foreign suppliers are demanding cash for imports, and investors are reluctant to commit capital under endlessly poisonous speculation about a Greek euro-exit. Even efficient, export-oriented Greek companies are unable to compete if they cannot access finance or if their cost of
capital is many times that of their Northern competitors. “Country risk” is leading the Greek economy to suffocation.
Αλλά και τον επίλογο του:
Just as Greece lies at the centre of the euro crisis, it is also at the centre of what happens next. If Greece fails to contain the internal forces generated by the crisis and the response to it, the impact will be felt across Europe; if Europe fails to find an effective way to deal with the euro crisis, the impact on Greece will be catastrophic. But forging a sustainable euro in the longer term will rely heavily upon Greece’s continuing commitment to being a meaningful part of the project of European integration, despite its current pain.
...lack of finance for the real economy. Credit has been all but frozen even for healthy companies, foreign suppliers are demanding cash for imports, and investors are reluctant to commit capital under endlessly poisonous speculation about a Greek euro-exit. Even efficient, export-oriented Greek companies are unable to compete if they cannot access finance or if their cost of
capital is many times that of their Northern competitors. “Country risk” is leading the Greek economy to suffocation.
Αλλά και τον επίλογο του:
Just as Greece lies at the centre of the euro crisis, it is also at the centre of what happens next. If Greece fails to contain the internal forces generated by the crisis and the response to it, the impact will be felt across Europe; if Europe fails to find an effective way to deal with the euro crisis, the impact on Greece will be catastrophic. But forging a sustainable euro in the longer term will rely heavily upon Greece’s continuing commitment to being a meaningful part of the project of European integration, despite its current pain.
Ολόκληρο το paper εδώ.
