Tuesday, November 27, 2012

12 points on Greece, crisis, austerity, growth, new national sport, etc

These are some thoughts I tweeted last night before and after the Eurogroup decision on Greece:

1) What is the elephant in the Eurogroup presser room? GDP growth!

2) Reminder: The best way to bring down any debt/GDP ratio is GDP growth. Not rocket science, is it, except for the Euro austerians!

3) The Euro crisis is now in its 4th season! So is Fringe, but it's its final season (for Fringe).

4)  If Greece had 1 cent (Ok, maybe 1 euro) for every time int'l media have mentioned Greece in connection to crisis 3 yrs now, it would have no debt by now!

5) In 2004, I wrote an article "after 2004, what?". Tonight I ask, after tonight, what? Greece always needs a real growth model, above all. As again I wrote before, in 2004, Greece needs to make exporting its new national sport.

6) Greece has been extremely loyal to the EU Single Market and the WTO. But alas mostly on the imports side! Needs growth and exports.

7) Greece has a great econ model. It's called Tourism. And assets such a climate. No sense being "Wall St yuppie" in "Jamaica" imho

8) Whether with euro or drachma, Greek economy has to grow. And that means more industry and much much more tourism revenues! And exports.

9) It also needs to develop the companies that will produce products that will replace imports, trade balance is one of the keys to GR growth.

10) Now, and always, Greece needs a growth model that fits it, not imports of models or parts of models from Ireland, Finland, Germany etc! The same applies to every country/economy imho.

11) For Greece, PIIGS and others to achieve growth, a key issue is: What will the Euro exchange rate v-a-v USD, Yuan etc be like 2012-2020/22

12) Romney-Ryan lost and now there seems to be accord on Greece. Seems the world moves in right direction after all!

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