“What I've always wanted to do would be bad for me, so I've decided that I can't accept your offer.”
Richard Feynman

Surely You're Joking Mr. Feynman

Greece and (economic) Growth

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“… a sustainable debt reduction is only feasible if the economy grows …”

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but what if growth is over or nearly over? even the robust German economy may be showing signs of slowing down … so what can be expected of Greece? could that also explain the position of people like the German finance minister … are they catching a glimpse of the coming storm and heading into their national shelters (and leaving Greece to fend for itself)?

Greek leaders are making an effort to reframe this crisis in a European context (which I believe is a correct effort) however what if you go beyond that and look at a global context that also goes beyond just money and finance? That is what I was hinting at when I wondered if Greek leaders are aware of the depth of the challenge they are facing. I suspect that even a complete, unconditional debt forgiveness will not qualitatively change the situation (though it may buy a delusional period of relief). I suspect that the Greeks are maybe the first to taste the end of growth and its social, political, financial and cultural implications.

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