Comments on: Germany, Greece, and the conspiracy of the technocrats A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 By: scythe Fri, 03 Feb 2012 21:28:52 +0000 @ GASinclair hit the nail on the head

Felix you need to research Der Spiegel archives – there is a good article on the germans and dutch assisting the greek govt with its admin – like its cadastral land database, the fundamentals of a taxation system etc, computer network – the oligarch politicians did not invest in the rudiments of a government administration sufficient to operate some form of taxation (no surprise)

and Der Spiegel has been sour on Merkel for quite a while, their owner is politically partisan

who would lend greek politicians anything on their current level of behaviour? i support the greek people but not that fakelaki mafia running greece, they are a shameful mendacious mob, who use their inhabitants suffering as a form of economic blackmail

an orderly default by greece is not such a gut wrench for the other eurozone states – 145 billion could do a lot of good than into the fakelaki mafia maw.

it is time to stop the greek-germany binary as well, the IMF has recently warned that fakelaki mafia they will not receive funding if they don’t implement those promised reforms

on a happy note, the greek people are welcome to work in the other regions of europe until the fakelaki political mafia are swept out of office and into the dustbin of history, shame on them and their shameless politics

By: wiserguy Fri, 03 Feb 2012 20:49:36 +0000 ” The per-hour wage in the hospitality industry was recently measured at €11.39 in Greece, as compared with only €8.49 in Portugal, €4 in Turkey and as little as €1.55 in Bulgaria.”

The per-hour wage in Greece is high because the kleptocratic state imposes high taxes and pension contributions…

By: GASinclair Wed, 01 Feb 2012 23:16:17 +0000 The Greeks have not done a fraction of what they promised. They were suppose to fire 30,000 government employees and apparently they gave 10,000 early retirement that did little to help the problem and eliminated only 1,000 jobs. There is only one way to deal with this insolvency and that is to give them 20 or 30 billion Euros over the next two years at a set rate per month and let Greece default. This is a banking problem and the sooner we forget Greece, the sooner we start the healing process. You cannot trust what they say they will do.

By: Worsel Wed, 01 Feb 2012 14:31:48 +0000 if germany is treating greece’s debt as a liquidity rather a than solvency crisis, why is mrs merkel’s demanding psi? greece’s elected politicians have no credibility. they consistently and continually lied about what they were going to do and plainly failed in enacting the necessary reforms to the labor market and tax regime. bring on the technocrats i say, montis for all.

By: LordStokes Wed, 01 Feb 2012 14:29:46 +0000 Greece as a state has large assets.

The Greek middle and upper classes have large assets, both in Greece and abroad.

Greece’s banks were not exposed to US debts and were healthy; it is their exposure to Greek sovereign bonds that has created a problem for them.

It makes little sense to destroy the Greek economy when fine tuning can kick start growth.

If Greece was a customer with excessive credit card debt, we would know what to do.

It’s all very well blaming the technocrats/bureaucrats but they have always been around and will always be around. They are the constant factor.

What they need is leadership.

Greeks would be more than happy to go along with a fair austerity/recovery programme that ensures all classes share the pain and not just the poor.

But such a programme has not been proposed; instead, every few months the Greek government reacts to a nudge from the Troika and imposes yet more taxes in a short period of time on all citizens, irrespective of their ability to pay.

Greeks can see that the establishment continues to receive high salaries and perks in euros while the poor and lower middle classes are trodden underfoot. There is no light at the end of the tunnel.

Instead of an austerity plan, the Troika should come up with a RECOVERY plan.

They can still cut and fine tune, but there should be light at the end of the tunnel.

The current situation means the rich in Greece get richer, those on high pensions in Greece continue to laugh all the way to the bank, and the working, productive classes are being trodden underfoot under a mountain of taxes, red tape and negativity.

By: klauskastner Wed, 01 Feb 2012 09:33:19 +0000 Whoever created this fear that a default would be the end of the world did not know that, outside of Europe, defaults (or rather: reschedulings) have “come a dime a dozen in recent decades” (Chief Economist of Citibank). A debt rescheduling is the most natural thing in the world when a country (or any borrower) starts hitting debt service problems. Debt forgiveness for an EU member state should have been a no-no! That part of the debt which seems “unsustainable” today can be transformed into evergreen bonds with capitalized interest, for example, but the legal claim cannot be waived so quickly! A state which has allegedly over 100 BN EUR in state assets and whose upper class is extremely wealthy with 3-digit BN EUR figures in foreign bank accounts (not to mention 200 BN EUR domestic bank deposits); prime private domestic real estate; fortunes of cash under matrasses; etc.); such a state cannot be given a haircut after only 3 years of crisis!  /default-seems-to-be-approaching-if.htm l

By: Danny_Black Wed, 01 Feb 2012 08:29:27 +0000 Given Greece imports a large portion of its necessary goods – such as oil – how exactly do you suggest it keep the lights on whilst being “cleansed”?

By: ChrisLaughton Wed, 01 Feb 2012 07:27:44 +0000 The worst way to approach bankruptcy is denial – the ostrich syndrome (burying one’s head in the sand). Debtors and creditors alike should recognise reality, get the part of the debts paid that can be and write off the rest. There may be a knock-on effect, but such cleansing will allow regrowth.

By: Frwip Wed, 01 Feb 2012 06:55:14 +0000 Please, Felix. Please. Don’t call those people technocrats.

Paul Krugman got this one right. Those people are not technocrats.  /02/crats-maybe-but-not-much-techno/  /11/crat-me-no-techno-continued/

At best, those people are bureaucrats. Inept and incompetent bureaucrats, dedicated at preserving an no-longer existing order and apply no longer relevant recipes to run the show.

And I suspect that for most, this is neither ineptness nor incompetence. They know perfectly what they are doing, keep the music going for a little while longer, just buying more time, time enough to dump to dilute the responsibilities a bit further more, blur the trails some more and dump the disaster, smoking on the lap of the citizenry.

It’s the same story everywhere.

By: cnhedge Wed, 01 Feb 2012 04:57:26 +0000 nice article, we expect the deal breaking any minute now.