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In die Rechnung flossen Beihilfen, Kredite und der Schuldenerlass privater Investoren ein. EU-Kommissionspräsident José Manuel Barroso verglich dies bei einer Rede vor dem Europaparlament in Strassburg mit der Hilfe, die Westeuropa nach dem Zweiten Weltkrieg aus dem Marshallplan erhalten hat.
Elderly man takes life outside Athens parliament after saying in note that he did not want to pass debts on to his child
Half the electorate plans to vote for radical opposition groups, ranging from Soviet-style Communists to anti-immigrant neo-Nazis, according to recent opinion polls. That could lead to growing political instability even if the established parties cling to power, undermining Greece's ability to enact the drastic spending cuts and economic overhauls its creditors demanded.
I argue that everyone who says this is wrong and that the politicians have put the rights of stockholders above those of the tax payer. I will also prove that we can indeed write down mountains of debt, without the tax payer having to pay anything.
Greece's current account deficit shrank 46 percent year on year in January, helped by a smaller trade gap, the country's central bank said on Tuesday, in a rare bit of good news for the recession-hit economy.
Greece has received the first 7.5 billion euros of aid from its new EU/IMF bailout, with the bulk of the payment going to repay bonds held by the euro zone's central banks, government officials said on Tuesday.
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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