Monthly Archives: February 2012

Looking at Greek statistics…

I have commented on budget statistics for 2011 before. Those interested in national accounts are recommended to visit the website of the Bank of Greece which publishes excellent statistics about the Balance of Payments as well as the banking sector. … Continue reading

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No future perspective without respect for State of Law!

I am amazed at the business-as-usual reaction so far to the proposed implementation of the so-called Collective Action Clauses (CAC) in Greek bonds. Mind you, to have a CAC in a public bond is indeed business-as-usual. In fact, I was … Continue reading

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The Battle of Greece — probably lost!

I remember the election campaign 2009. The face of a loud, well-fed ruling Prime Minister was on TV all of the time and I kept asking my wife where his opponent was. Every so often, she pointed to a quiet … Continue reading

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On the advantages of being competitive

In an interview with Der Spiegel, Prof. Sinn – a staunch advocate of a Greek Euro-exit – said the following: “After returning to the Drachma, Greece would again be competitive. Greek products would suddenly be cheaper again (than imported products) … Continue reading

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Greece is "burning" 50 BN EUR annually of other countries’ savings!

At year-end 2009, the external debt of Greece was 413 BN EUR. At year-end 2011, two years later, that external debt was approximately 510 BN EUR, almost exactly 100 BN EUR higher. Please ponder the dimensions of these figures! A … Continue reading

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ECB the largest creditor of Greece? No, it’s the Deutsche Bundesbank!

There has been much discussion about the ECB’s being Greece’s largest creditor through its holdings of Greek sovereign bonds. That may well be true but the largest individual creditor of Greece as a country is the Deutsche Bundesbank! The Bundesbank … Continue reading

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Austerity? Perhaps…Cheap? For sure!

Flash-back to early 2009. We had just found a beautiful apartment at the outskirts of Thessaloniki and had to furnish it and bring it into shape. In a short time, we got to know all sorts of Greek prices: prices … Continue reading

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