What is the Greeks primary industries , I believe its shipping & tourism. I think its still a popular tourist destination, what it shouldnt be doing like many countries try to is move into mature industries whilst offering nothing new. Just be the best you can be with what you are good at.Strong Eagle wrote:The Troika has lost a lot... they issued their ultimatum, they lost when Greece voted "f*ck you, Troika".
There are a few facts that cannot be ignored.
a) Greece is never going to fully pay its debt owed at 100 percent, even over the next 50 years. Somebody needs to get used to this... I refer you again to Argentina and Iceland. F*ck the banks, the people come first.
b) The Troika can forgive debt, even a bunch of it but there are two things wrong. First, they will never forgive as much debt as Greece can eliminate by defaulting, and second, without the ability to devalue its currency, Greece cannot become economically competitive.
c) Greece needs to have cheaper labor, cheaper imports. They need the Drachma in order to devalue it. Those with the cash are going to scream when currency controls are in place (aren't they already?) that forces those with money in Greece to become poorer.
The bottom line is short term pain in excess of the so called "austerity" program but a relatively rapid return or prosperity.
Its a small country , how it could have royally fckd itself up is beyond me.
How does "cheaper imports work with a devalued currency" , by devaluing your currency are you not making your imports instantly more expensive to the populous?