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April 9th, 2010

Response to Going the Way of the Greeks Erythromycin For Sale, , Ottowa Citizen

by Rachel Beach and Elena Panaritis

David Warren’s perspective is one potential perspective on economic crises: Greek is just like every other freely elected government, “gradually assembling financial entitlements which its taxpayers can no longer keep up with”.  It is not the only perspective, and it might not be the most well thought-out perspective.  It’s fairly easy to glance across headlines and declare, “Oh here we go again, another country submerged by overextension of its public resources…”  But Warren’s use of this type of analysis itself is an example of a deeper underlying problem.  It is a tendency to attribute outcomes to the same problem, no matter where a crisis materializes. Real brand Erythromycin online, It is interesting that Mr. Warren uses history to analyze the economic crisis.  However, Erythromycin steet value, Erythromycin alternatives, his conclusion that Greece’s illnesses are due to a well-deserved history is too simplistic an analysis.  The blaming game is a blind guide.  It is this blaming game – short-sighted and rigorously thin – which has brought us to this point.  It ignores the importance of incentives and their impacts at each break in the historical line of progress of the Greek socio-economic structure.

In Greece, order Erythromycin online c.o.d, Order Erythromycin no prescription, as in the many successful members entering the European Union, governments took a template of government ‘best practice’ legal structure (i.e, where can i order Erythromycin without prescription. Online Erythromycin without a prescription, the EU acquis), stenciled it over their legal map, Erythromycin dose, Order Erythromycin from United States pharmacy, cut it out and voila!  These countries imported a sterile set of laws without refitting them to their own socio-cultural-political environment.  Doing so has led to legal confusion and inefficiency in enforcement of laws.

Yet country after country in Europe swallowed the European acquis wholesale without determining how the legal structure fit into their existing laws and regulations, and many joined the common currency area with politicians pushing the advantages and ignoring potentially negative consequences for their economies.  In Greece,when the euro was adopted commodity prices for some goods increased almost 1000%.  Life changed for the average Greek, Erythromycin For Sale.

The rules may look the same on paper, canada, mexico, india, Cheap Erythromycin no rx, but the problem is that each country has its own unique set of institutions and bureaucratic structures, each operating by their own internal organizational behavioral and incentive structures that have evolved over decades, Erythromycin natural, Purchase Erythromycin, even centuries.  To expect each of these bureaucratic agencies will interpret and enforce the new set of regulations – in their way of ‘doing things’ – in the same manner across countries, and within countries is naïve, get Erythromycin. Buy Erythromycin from mexico, Warren claims that the financial ‘crisis will be the same everywhere.’  The crisis is certainly not the same everywhere, and has affected EU member states and economies around the world in different ways.  India and China earned boasting rights for their ability to weather the 2009 international financial crisis with only a slight slow-down in economic growth (i.e, Erythromycin coupon. Buy no prescription Erythromycin online, China from roughly 10% growth to 8%, and India from 8% to 6.1%, purchase Erythromycin online, Erythromycin samples, check).  Most European countries, on the other hand, Erythromycin reviews, Buy Erythromycin online cod, faced a significant economic slowdown.  Bulgaria, surprisingly, japan, craiglist, ebay, overseas, paypal, Erythromycin wiki, was in a more sound macroeconomic position than many other EU members.  While both Bulgaria and Greece, are reputed within the EU for high levels of corruption, Erythromycin without prescription, Erythromycin description, the former had a healthy fiscal cushion to fall back on while the latter suffered as a consequence of negligence.  A comparison of the two in 2008 based on Warren’s analysis would have drawn inappropriate conclusions for how the two countries have born the global financial crisis, buy no prescription Erythromycin online. Where to buy Erythromycin, Bulgaria’s macroeconomic indicators in 2008 revealed that the country was in a much stronger financial position – even compared to the older, larger members of Western Europe – due to its fiscal discipline and budget surpluses over the past few years.  Even then, kjøpe Erythromycin på nett, köpa Erythromycin online, Erythromycin canada, mexico, india, macroeconomic indicators can give a false impression of a healthy economy, but do not connote the characteristics of underlying institutions.  Some of Greece’s macroeconomic indicators suggest a healthy patient, Erythromycin dangers, Erythromycin price, coupon, some – such as the budget deficits and sovereign debt levels – hint at its illness, but do not describe nor explain the illness.  If one looks at the Doing Business indicators for Greece (i.e, Erythromycin photos. Erythromycin steet value, contract enforcement), she might be surprised to learn Greece ranks at number 109, buy Erythromycin from canada, Taking Erythromycin, below Mongolia, Zambia, Egypt and Ghana.  It ranks number 154 in the world (1 being the best) for protecting investors.  All of these indicators give a better – but not clear – impression of Greece’s woes: weak institutional arrangements.

Greece’s institutions exhibit social distrust and feature complicated and conflicting sets of rules.  The past several decades of Greek politics record a history of partial-reforms where every party at the table comes with their own agenda, and no thoroughgoing restructuring has been implemented to date.  As a result, we find weak enforcement (in part due to the lack of clarity of the laws) and a tax system so constraining that it requires a contractor to return to a tax office (and negotiate a bribe with the tax officer) after every step of construction.  Most taxpayers would rather run the risk of being audited every few years (and negotiate a single bribe at this time) than deal with tax agents as part of their weekly routine.  Papandreou’s government, facing a financial crisis, is once again in a position where they must provide solutions fast – and resorts to issuing bonds and squeezing a citizenry even tighter with higher excise taxes.  What is needed, however, is a Reality Check Analysis (as outlined by Elena Panaritis in her book, Prosperity Unbound) that takes careful examination of the breaks in incentive structures and identifies the weak links institutional structure.

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