Well this is kicking off again, isn’t it? Like the Lehman Brothers in 2008, though I wasn’t observing that at first hand, being preoccupied instead, in Fuzhou. Default on 1 billion, 2 billion, 300 billion? Pretty soon it starts to sound like Dr Evil money. ‘Nemesis’ or ‘Euphoria’ (Greek words I believe. Will just bold them from here on in; so many of them!)
In the inimitable English headline-style of The Daily Mail. ‘on your bike Varoufakis!’
Not that the Greeks will be euphoric even if they get off the hook.
How long’s a crisis before it’s not a crisis? 5 years and counting when’s it Greece.
Headmistress of Baker Mackenzie (world’s biggest law firm) and Head of the I.M.F., doesn’t think so.”the key emergency in my view is to restore the dialogue with adults in the room,”
Or someone more intellectually disabled than an adult? According to the German newspapers, “Is he a psychopath“? “Is he an economist“?
Yes to the second question, not in a position to diagnose the first! I shouldn’t laugh. But Varoufakis was a lecturer in the Department of Economics at the University of Sydney. About the time I was there.
I do feel for Greece. UK, South Korea. The U.K economy with pound sterling as its currency, under I.M.F. pressure in the 1960s/70s could always sell more Jaguar cars, Who albums, even Great Danes!
South Korea paid its loan back in record time. And depressed the world gold exchange in the process, in 1997. Mystified the Goldfinger 🙂 traders until it was traced back to Korean housewives selling their gold rings and jewellery. National Emergency, “all hands to the pump”, Korean response. Not sure a similar call would work with Greece.
What can Greece export? Olive oil, Islands Tourism, Shipping? The third won’t work because the shipping magnates don’t pay tax. The second won’t because Turkey is cheaper as a holiday destination. Olives? Good luck.
Varoufakis may well be.. “the most intense and deep intellectual figure I’ve met in my generation.”…”that he knows as much about this subject as anyone on the planet,” and that “he will be thinking more than a few steps ahead.”
Pity he didn’t drop by the Government Department at U.Syd. in the Wentworth Building (the same campus building as Economics) and talk to any undergraduate. Could have filled him in on the Curtin Dilemma.
Not well known outside Australian political science (well it’s as much a science as economics!). Though the formula is applicable outside Australia.
Prime Minister John Curtin’s dilemma. 1942. If American conscripted soldiers, from the New York and Wisconsin National Guard have been sent to fight in defence of Australia, then, despite opposition, shouldn’t Australian soldiers in the militia also be sent overseas?
Even more difficult for Curtin in that he had been jailed in 1917, as a trade union leader, for resisting conscription in WW1 for overseas service for Australians.
The phantasm, chimera. Were Greek hairdressers retiring at 50 on full pensions? http://www.independent.co.uk/news/world/europe/greece-to-call-time-on-cushy-pension-deals-for-unhealthy-jobs-1978789.html
How did the Greeks think this wouldn’t be noticed? When Germans don’t get full aged pensions till age 67?
At least Australia saw there was a problem of perception with the American draftees.
Why didn’t the deepest intellectual figure in his generation on the planet thinking more than a few steps ahead of everyone pause to send a warning, 10 years ago (after the Athens Olympics, which were good!), 5 years ago, or even 3 or 2?
Doesn’t matter now. Sacked by his Prime Minister who has somehow managed to get a worse deal for Greece than what V. for University of Sydney Economics Lecturer was first proposing.