Financial Times: Greece still labours under fundamental impediments

Greece still labours under fundamental impediments

From Dr Agamemnon Varonos, Luxembourg

I had mixed feelings reading Megan Greene’s op-ed “The Greek economy is resurgent but still fragile” (October 1). The fundamentals show that the Greek economy hasn’t in fact structurally changed. The economic model doesn’t much differ from the previous decade, and speculative international funds have replaced the eurozone private debt funding. The current account balance is better, but not enough for Greece to recover in the frame of the euro. All in all Greece suffers from weak added value in its economy. The reasons do not lie in macroeconomics, but in fundamental bureaucratic and structural impediments.

Dr Agamemnon Varonos

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