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  • The IMF Staff Has It Right on Greece

    From bloomberg.com

    When the International Monetary Fund’s board met Monday to discuss Greece, it was heartening to read that “most Executive Directors” agreed with the staff’s view that the country’s debt, at 179 percent of gross domestic product at the end of 2015, was “unsustainable.” Yet “some directors had different views on the fiscal path and debt sustainability.” This division within the board also applied to what Greece still needs to do with its budget. With the medium-term primary fiscal surplus heading to 1.5 percent of GDP, “most Directors agreed that Greece does not require further fiscal consolidation ... (full story)

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  • Edited at 9:45am Feb 8, 2017 9:33am | Edited at 9:45am
The cost of greek summer olympics 2004 was 9 billion euros. That's a vast sum of money thrown away with little to no return and completely unaffordable for a little country like Greece with an annual revenue of about 54 billion euros. So shame on the Olympic committee for selecting them.

Greece now has a 55.1 billion revenue with a 323.7 billion debt. That's fiscal mismanagement on a US Democrat Party scale.
I think the EU picked up some of the costs related to the Olympics - such as the subway system>
Given the propensity for Greeks to retire early with benefits, the ability of the younger population to carry the burden and still pay off this ridiculous debt load is almost impossible.

The creditors have been simply willing to make accommodations to receive SOME token payments to avoid writing off the debt as un-collectible.
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  • Story Stats
  • Posted: Feb 8, 2017 9:12am
  • Submitted by:
     Newsstand
    Category: Fundamental Analysis
    Comments: 3  /  Views: 1,377