Thursday, February 09, 2012

Greece Circles the Drain - Economically Speaking

So this is the preferred, less painful way of dealing with the Greek financial situation. Really? Greek death spiral accelerates – Telegraph Blogs

Greece could be working on putting its economy back together, instead it is doing nothing.
Greece's manufacturing output contracted by 15.5pc in December from a year earlier.

Industrial output fell 11.3pc, compared to minus 7.8pc in November.

Unemployment jumped to 20.9pc in November, up from 18.2pc a month earlier.
Can you really tell me that Greece, with a slightly devalued Drachma wouldn't be able to attract tourists to their islands and sell stuff their manufacturers make? Well they would probably be able to attract tourists. Greek manufacturing has many problems. But they would be able to make stuff for themselves, instead of having to compete with the Germans.

A lot has been said to insinuate that Greeks are somehow lazy; they aren't. They are working under some terrible work rules, but they aren't lazy.
By the way, Greeks work an average 42 hours a week, one of the highest in Europe. Just want to put the record straight on that.
What is happening to them is completely in line with their financial condition. It has happened before, and it will happen again.

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