Πρώτες αντιδράσεις ξένων - άσχημες

The last time Greece embarked on a similar policy was during the early 1990s, when an EU loan was made available of around 5 per cent of GDP. The deficit was reduced modestly, but the impact on the output gap was painful, moving it from a small positive to a middling negative, with the result that unemployment rose markedly. Indeed it took Greece 9 years to get it’s deficit under 3 per cent.

The current situation is much worse from an economic stand point and the policies being promulgated are much more ambitious. I do not want to undermine the Greek administration’s efforts, and wish them the best of luck. But the policy being set out has to be credible in terms of the likelihood of its aims being achieved. And what we’re hearing today is just more on ambition. It seems to me the announcements are about securing a support deal with the euro area rather than considered policy.

What Greece could do with most is for the rest of the euro area to generate growth and lots of it. That doesn’t seem likely.

So we must consider the central case to be one where austerity is announced, help is delivered, time is bought and spreads narrow, but that the Greek attempt to stabilise its public accounts will not deliver on the time scale currently being set out.

http://ftalphaville.ft.com/blog/2010/03/03/163446/the-greeks-dont-want-no-freaks/?b22508=1

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