Tuesday 30 June 2015

The Biggest Liability to the Viability of the Greek Economy

The present PM of Greece, A Tsipras, sent a letter to the Eurogroup today asking for a new loan facility from the ECB.

In this letter, Tsipras assures all recipients that the Republic (presumably, the Hellenic Republic) is "...fully committed to service its debt in a manner that ensures the viability of the Greek economy, growth and social cohesion".

Words, and playing with words, as usual.

What he is saying is "I will pay you -- unless of course I see that my growth suffers, or that maybe the viability of the economy suffers (how did it get into this mess in the first place?) or the social cohesion in the country dictates: no repayment ". But don't worry, you're there somewhere in the lower priorities.



The biggest liability to the Greek economy's viability is Mr Tsipras himself. Were he to remove himself and his cronies from power, things would, magically, improve.

The letter: please give me money. If things go right, I might pay you back -- unless, that is...

No comments: