Sunday, February 12, 2012

Great Post on Greece by Tim Knight

"I'm glad the Greek vote passed. If it had failed, someone would have come up with some dumb-ass plan to "save" everything and undo the vote. As it is now, the bulls got precisely what they wanted. The Greek people have been sold up the river. So all the good news that can be had is already out there. Lap it up."

1 comment:

eahilf said...

The Greek people have been sold up the river.

If so, it was primarily by other Greeks, e.g. their politicians aka 'leaders'.

Ireland can show Greece a way out of the crisis

...Greece has a large external deficit, reaching 8.6 per cent of gross domestic product in 2011. This gap is funded by an unsustainable level of external debt that markets are no longer willing to fund. At present it is being paid by official sources, who expect this to be temporary... Second, Greece does not have what it takes to be as rich as it is....Here’s the bad news for Greece: in our sample of 128 countries, it had the biggest gap between its current recorded level of income and the knowledge content of its exports. Greece owes its income to borrowed foreign spending it cannot pay back. It produces no machines, no electronics and no chemicals. Of every 10 US dollars of worldwide trade in information technology, it accounts for one cent.

Also: Beware of Greeks Bearing Bonds

No idea if Ireland 'can show Greece the way' or not.