Where's the CNBC special report? I must have gotten the time wrong.
The Greek people have once again put in a heroic effort. The ball is now in Germany's court.
This government has six months to achieve internal devaluation, fix the current account, balance the primary deficit, and generally meet the targets of the IMF/Troika agreement. F__king around isn't going to do it any more. The success depends on things like opening up the professions (for real, not just passing a law that says 'we'll open the professions' but when you actually see more taxis on the streets), massively slashing government payrolls and government salaries, and the like, instead of enacting new taxes. Cost cuts should be focused on operations, while infrastructure and other projects to boost growth should not be cut.
If you want to see any growth in the future, you’ll have to drop out of EURO and print Drachma again. Then you’ll be able to devalue. It’ll be hard in the beginning, but you’ll return to the path of growth in no more than 2 years.
If you keep EURO you will forever be dependant on future help from Germany and others. You might also recover with EURO, but the recovery will take much longer.
