F O R S A L E --- S P E C I A L D E A L S, P L E A S E L O O K I N S I D E!The Greek government's idea / promise / ad lib / to raise Euro 50 million by selling off real assets, constitutes a partial solution, short-term, to the country's cash flow imbalances. So we found a one-off source of working capital.
But the question still remains: what's the plan, longer term?
How is Greece's sovereign debt to reduce to workable levels? Where is the money to come from -- other than from friends and neighbours?
In 2010 Greece saw its economy reduce by 6.6% in (very) real terms.
The tangible added-value produced in Greece is not very high and 60% of the country's GDP is in the services sector with a ominous-looking 67% of that, accounted for by the Greek Public Sector.
Shipping is one sector where Greeks -- i.e. Greek individual shipowners -- are global leaders. But some companies are switching flags... following Louis Cruises move to Malta, no major cruise ship operator is left under the Greek flag.
It is time to say: time for global brainstorming!
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