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Irrespective of snark, it means sorting out finances. As a percentage of their GDP, Greece has a larger industrial sector than the UK, and they also have the w
by elektromekatron 11y ago
Irrespective of snark, it means sorting out finances.
As a percentage of their GDP, Greece has a larger industrial sector than the UK, and they also have the world's largest merchant navy. Greece should have no problem in having a functioning economy, this current crisis is all structural, not fundamental.
edited to add, I would also not be hasty to write off the Greeks, of all people, as unable to construct innovative economic and political solutions in a crisis. They have form.
- raesene9 11y agoThat seems unlikely I'm afraid. Their banking sector is insolvent and without ECB support it will not revive without a return to the drachma and a devaluation. ECB support seems unlikely unless Greece is within an approved bailout programme and that in turns looks unlikely as it took 5 months of negoatiations to come close to the last agreement and that was only to complete an existing programme, not start a new one. The process of issuing a new currency takes, from what I've read, months, during which the Greek economy will be in limbo, which will do a large amount of damage. Sure in the long term they would get increased competitiveness from being a cheaper source of goods as the drachma devalues, but that'll be after an extremely painful banking event.
- elektromekatron 11y agoI do wonder if we will get to see a Drachma blockchain.