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Greece is the most highly regulated economy in the OECD. Profit margins or minimum remuneration is set by law in a number of professions (lawyers, engineers, accountants, pharmacists), and licensing requirements impose barriers to entry in others (trucking). It costs less to transport agricultural products from Central America to Greece by ship than it costs to transport them within Greece by truck. Labour contracts set wages on automatic pilot due to seniority clauses and other benefits unrelated to productivity, profitability, or performance. No amount of devaluation will get rid of these distortions.
Appropriately, the new IMF/EU-funded programme includes broad-based structural reforms intended to introduce flexibility in labour markets and intensify competition in goods and services markets. In fact, the new Greek programme reads like a blueprint for reforming a post-Soviet bloc country circa 1990.

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Andrew Tyrie, chairman of the Treasury Select Committee, tonight called for Greece to exit the euro and for the resources of the International Monetary Fund (IMF) to be significantly boosted to tackle future financial crises.

Greece euro breakup

Charles Dumas, chairman and chief economist at Lombard Street Research, told CNBC, "Holland has had a rotten time in the euro so far, the growth rate which was three percent has dropped to just over one percent and the growth rate of consumer spending has dropped to one quarter of one percent in the last ten years."

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Now, the finance officials of the euro group members are squabbling among themselves over whether, or how quickly, they could deal with the technical problems of a country’s rapid departure from the single currency.

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Greek finance minister Evangelos Venizelos accused European leaders of "playing with fire" by trying to oust the beleaguered country from the eurozone amid fears they want to delay releasing the €130bn (£108bn) bail-out until after Greek elections in April.

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It is clear that Berlin, Helsinki, and the Hague have taken the decision to eject Greece from the euro whatever the country now does. Even if Greece complies to the letter with the impossible terms of the EU-IMF Troika, it will not make any difference. A fresh pretext will be found.

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So lange die Griechen im Euro bleiben, werden die Finanzmärkte an einer stabilen Euro-Zone zweifeln. Und andere EU-Problemfälle könnten sich ein Beispiel nehmen.

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The creditor nations may feel like they have the moral authority to shove around Greece, but they are wrong. They have neither the moral authority nor the actual, operational authority. Greece can hurt them as much as they can hurt Greece.

It will be tough going for Greece after a default. But not necessarily much worse than the situation Greece is already facing.

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Word of the day is Grexit. It has been coined by Willem Buiter, chief economist at Citigroup, which now sees a greater chance of a Grexit – or Greek exit from the eurozone.

Against the backdrop of still to be concluded Greek talks over the latest bailout for the debt-choked country, Citigroup has raised its estimate of such an unravelling of Greece's situation to one in two.

It now sees a 50% chance of a Grexit over the next 18 months, up from its previous estimate of just 25-30%.

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For those wanting more details on the euro break-up plan drafted by French economists, here is the link to the L’Observatoire de L’Europe website.

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"What's a man overboard?" Mrs Kroes told the Dutch newspaper Volkskrant. "It's always said that if you let one country get out, or ask it to get out, then the whole structure collapses. But that's simply not true.

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The majority of Germans feel the euro currency bloc would be better off if debt-crippled Greece left it, a poll published in mass-selling newspaper Bild am Sonntag showed on Sunday.

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Greece plans an orderly exit out of the Eurozone according to two sources close to Mr. Papademos, Greek Prime Minister, who spoke on condition of anonymity earlier today.

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Standard & Poor's hat Recht. Ich rede nicht von der Rating-Benotung Frankreichs, sondern von ihrer Begründung. Europa leidet nicht an zu hohen Haushaltsdefiziten, sondern an den krassen Unterschieden in der Leistungsfähigkeit der einzelnen Staaten.

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