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