Blanchard on Greece

This post was written by Philip Lane

Olivier Blanchard provides an assessment of the challenges facing Greece in this IMF blog post.

8 Responses to “Blanchard on Greece”

  1. The Dork of Cork Says:

    The efforts of Germany & France to firewall or more accuretly burn down the PIigs is a form of protectionism.
    Any country defecting from the euro would immediately draw monetory resourses away from the core via tourists / exports etc and drive up the cost of capital for Germany’s remaining petro reexport industries.

    This is a crisis of the cores Industrial policey pursued vigorously since 1987.
    We dumb ducks have very little to do with it - we are merely the Fois Gras Ducks that I am afraid are on the main course as we lack the balls & Brains to fight this neo mercantilism that has destroyed the living standards of many decent but deceived German Proles also.

    FLOW OF FUNDS FROM LENDERS TO BENEFICIARIES

    Goverment Guarantee
    +
    Banks

  2. The Dork of Cork Says:

    Sorry I will try that again

    FLOW OF FUNDS FROM LENDERS TO BENEFICIARIES

    Goverment Guarantee Greece More Banks
    + - -
    Banks Greek & EU Citizens(?) Car manufucturers
    Conduits Energy companies
    Energy exporters
    Contractors
    Crime Bosses

    How does it feel to be a Conduit rather then a person ?
    with thanks to Steve from Virginia

  3. The Dork of Cork Says:

    Sorry no good at plagiarism
    The original

    http://www.economic-undertow.com/2012/02/13/debt-o-nomics-part-three

  4. Paul Hunt Says:

    FT Alphaville:
    http://ftalphaville.ft.com/
    dissects the IMF report behind this spoofing and sees an EU fiscal transfer being required to keep the IMF whole.

  5. Ceterisparibus Says:

    Fairly candid interview with Junker….seems the Germans and Dutch are the bad guys…
    http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_14647_18/03/2012_433448

  6. Colm Brazel Says:

    Greece is a disaster. Re ” What about leaving the Eurozone? Euro exit followed by a sharp depreciation could achieve the relative wage and price decline that Greece needs, and achieve it faster. ” Not only that, but alongside reform it could unleash a wave of free enterprise as happened in China. Instead, any debt/growth is a function of the ECB debt extraction agency in the manner of a China under Mao but this time operating as a variant of socialism for the banks. Greece is nominally tied to an exchange rate it cannot afford. Add in austerity under the above and what you have is a walk down the road to default. Greece is paying the price of a eurozone in disarray that will come apart in due course. As in Ireland, the people are paying second fiddle to financial interests of the banking elite who’ve wrecked the country aided by ECB who knowingly lent to institutions, in a manner certain to fail. Goldman Sachs helped hide the schenanigans . Government arms contracts with France fed the mirage.

  7. Garo Says:

    “Banks belong to the people.”

    Has this man been living under a rock for the past four years?

  8. Gavin Kostick Says:

    Dismal reading.

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