tag:blogger.com,1999:blog-5882645467378797266.post8938198621138880363..comments2023-07-17T11:55:51.363+02:00Comments on ObservingGreece: A plea for the right kind of austerity!kleinguthttp://www.blogger.com/profile/12491174042954678023noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-5882645467378797266.post-14742298592938718392012-03-20T13:57:08.793+01:002012-03-20T13:57:08.793+01:00In near disbelief I just saw the January figures. ...In near disbelief I just saw the January figures. Unbelievably, the current account deficit had declined to 1,5 BN EUR from 2,8 BN EUR a year ago. Exports had increased and imports declined. All other categories improved, too.<br /><br />Was this a "lucky month" or could it be the beginning of a change in trend? The next months will show. Mind you, if the January-trend were maintained throughout 2012, the annual deficit would still be about 10 BN EUR, a large figure but almost peanuts compared with the 35 BN EUR oof 2008.<br /><br />http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_20/03/2012_433802kleinguthttps://www.blogger.com/profile/12491174042954678023noreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-82097836331218886732012-03-19T13:42:54.069+01:002012-03-19T13:42:54.069+01:00Klaus
A very interesting and pertinent post.
I w...Klaus<br />A very interesting and pertinent post. <br /><br />I would point out that all the pressure applied by the IMF/EU has been on fiscal adjustment instead of a balance of payments adjustment. Still the lack of focus on the balance of trade shows an appalling (but expected) lack of understanding and initiative.<br /><br />In fact private citizens have done more to help the current account than official sources. There is a very strong trend toward favoring local products vs. imports, though of course it is limited by the fact that so many everyday products are not made in Greece.<br /><br />Nonetheless it's true that much of the country is infected by a diseased socialist mentality (i.e. spending other people's money, not social justice). <br />This unfortunately cannot change in a short time, as opinions take a while to swing 180 degrees.Dimitrinoreply@blogger.com