3 thoughts on “A View from the Bank of Greece”

  1. More than caution I would think, Michael. For example compare the export miracle described in the article with recent eurostat figures here:

    http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/6-18032014-AP/EN/6-18032014-AP-EN.PDF

    It’s a tough article to read. There are days I would like to be able to pull the, ‘well of course this has to be understood in context’ sophisticated approach, but it is hard to read this slightly insane special pleading, politically bullying central banker/ecb approach with the odd valve exploding.

    I got as far as: “Since the onset of the crisis almost five years ago, the turn-around of the Greek economy has been remarkable” before thinking ideology and empirical reality have gone very separate ways.

  2. ‘With the unemployment rate still above 25%, the biggest challenges are complacency and adjustment fatigue…’

    25%!!!!

    What he’s saying of course is:
    ‘Considering so many people are being screwed, the biggest challenge will be to continue to screw them without them destabilizing things by picking up rocks or voting for Golden Dawn ‘

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