tag:blogger.com,1999:blog-4102429195693595750.post3976021918821875780..comments2024-03-22T05:15:17.042+02:00Comments on Sudden Debt: Greek Bank Wars: Return Of The JediHellasioushttp://www.blogger.com/profile/03564511281240682625noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-4102429195693595750.post-46093442870064860362017-12-19T06:39:47.229+02:002017-12-19T06:39:47.229+02:00Dear Brian,
Incorporating refugees is a serious i...Dear Brian,<br /><br />Incorporating refugees is a serious issue, certainly. But, for Greece at least, it's not a major one at this time. Their number is around 60.000, or 0.5% of the total population. Expenses for their care are covered by the EU right now. Some will be granted asylum and perhaps seek to stay permanently, while the rest will hopefully return to their homes when and if things return to normal in the Middle East.<br /><br />Tourism is Greece's major industry and, with proper development, can continue to grow strongly towards higher added value by becoming more high end. Look at today's post :)<br /><br />All the best for the Holidays!Hellasioushttps://www.blogger.com/profile/03564511281240682625noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-25733973219218925242017-12-18T17:28:18.185+02:002017-12-18T17:28:18.185+02:00Hell, thanks. The ECB should be mandated to provi...Hell, thanks. The ECB should be mandated to provide financial support for all EU refugees - how else will impoverished these folk be incorporated as useful consumers? Being dependent on charities for your shelter, food and cloths is not funny.<br /><br />Germany was barely able to incorporate its fellows from the DDR. Its taken near enough thirty years - and they still haave makor problems. So how will other EU states manage to absorb economic migrants and refugees? They cannot, because they lack the financial (ie. fiscal) resources to do so. It started badly - its going to end badly.<br /><br />I note the connection between the improvement of tourism and construction: Barnum and Baily stuff. It may happen that the Greek tourism season can be extended and ramped up - but not by much. And if the majority of employment opps in tourism are min subsistence levels ..... I suspect that there may be a bit of a scrap amongst the Med states for what seems to be a limited number of tourism clients. We will see.<br /><br />The Greek state needs an awful lot of new tax revenue in order for it to reach the point that it can even begin any sort of an economic recovery. Whether it can engineer a parallel social recovery is another matter entirely.<br /><br />I suppose its cross-your-fingers time. <br /><br />If you do not post again before the holiday - my best wishes. We'll be back at this soon enough.<br /><br />Brian.<br /><br />Brian Woods Snr.noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-59010473113361414432017-12-18T17:01:45.399+02:002017-12-18T17:01:45.399+02:00Brian, employment and salaries are very lagging in...Brian, employment and salaries are very lagging indicators, especially coming out of a deep recession. Businesses first meet increased demand with other means (eg overtime) until they are convinced the recovery is solid and then they hire more people.<br /><br />In tourism, a sector that is showing strong and consistent growth in Greece, employment is is fact strong. The same sector is also showing strong growth in construction, by the way (new hotels, renovations, additions, etc).<br /><br />Obviously the ECB cannot provide refugee money... not its mandate.Hellasioushttps://www.blogger.com/profile/03564511281240682625noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-78196904538175933532017-12-18T14:46:22.713+02:002017-12-18T14:46:22.713+02:00Hell, I have some nagging doubts about this Phoeni...Hell, I have some nagging doubts about this Phoenix--like elevation of Greece. Were it the case that the employment prospects of the younger generations were actually positive, that is wage/salary increases above 3% p/a for at least 7 years in a row, then I would start to pay attention.<br /><br />Wage Compression = Revenue Compression -> fiscal trouble. I think. Greece has a shocking problem with refugees from the east. Maybe the ECB will donate GR one mill euro per refugee per annum - so they can be economically assimilated without rendering the whole country esentially ungovernable.<br /><br />If the ECB was actually mandated by the European Commission to fund each refugee who lands in Europe with a european-style min wage: there would be only a few refugees. Period.<br /><br />Greek financial institutions may well be recovering their footings, but what about the pulverized Greek consumer? Tinkle Down economics?<br /><br />Brian Woods Snr.noreply@blogger.com