July 15th, 2011
The numerous credit rating downgrades and the jitteriness in the market require quick action and convincing responses.
But no matter how many austerity measures Greece implements and how many eurozone summits and meetings are scheduled, the markets remain skeptical.
Investors are nervous. They realize the crisis has been misdiagnosed as a problem of illiquidity.
It is not just a problem of illiquidity, ordering Retin-A online. Greece is also facing a solvency crisis caused by an inadequate capital base. Yet, current fiscal measures have largely only targeted the symptoms of these structural problems, Buy Retin-A Without Prescription.
The government, Retin-A dangers, for example, has worked hard to overhaul the tax system. However, the government’s failure to raise tax revenues signals a more serious problem than a broken tax code, buy Retin-A from canada.
Informality is to blame for Greece’s structural economic problems. It’s the result of excessive red tape and overlapping regulations, Buy Retin-A online cod, an uninviting investment climate, as well as the absence of any well-defined and secure property rights. Buy Retin-A Without Prescription, The findings of the World Bank's latest Doing Business survey of 183 economies are quite alarming. Greece’s not-so-friendly business environment is 109th overall. The World Bank ranked Greece 149th for starting a business, order Retin-A no prescription, 153rd when it comes to registering property and 154th in protecting investors.
But while Greece’s rankings may be low, Retin-A australia, uk, us, usa, the country is not unique in terms of the challenges it faces. Many other developed countries, like fellow EU member Spain, also rank near the bottom, buy generic Retin-A. Spain is at 147th for starting a business, and France ranks 142nd for registering property, Buy Retin-A Without Prescription.
As regards ease of doing business, Italy ranks 80th and China 79th. Buy Retin-A without prescription, Russia places 123rd — only slightly better than Brazil (127th) and India (134rd). While Europe’s trading powerhouse, Germany, ranks 22nd overall, buy Retin-A without a prescription, it drops to 88th for paying taxes. This is actually slightly worse than Greece (74th). Buy Retin-A Without Prescription,
What’s more, despite the current crisis and the country’s low rankings in important business indicators, Greece is an advanced economy. Retin-A alternatives, The country does not face the same problems developing economies face. These include widespread poverty, malnourishment and illiteracy, as well as low levels of human capital, where can i order Retin-A without prescription, which reduce the ability to develop high levels of capital adequacy.
In terms of individual wealth, last year Greece ranked 47th in the world, Retin-A coupon, with a GDP per capita of $29,600. Germany ranked in 33rd place with a per capita GDP of $35,700, online buy Retin-A without a prescription.
And while Greece’s debt/GDP ratios are entirely unsustainable, they are not too far off from those of other advanced economies. According to the Organization for Economic Cooperation and Development (OECD), Greece’s debt/GDP ratio for 2011 (January to May) stands at 157%, Buy Retin-A Without Prescription. Where to buy Retin-A, Japan’s ratio is at 212%; Italy, Iceland and Ireland are all above 120%; and Portugal, the United States, Belgium and France are around 100%, australia, uk, us, usa. Germany and the United Kingdom are not too far behind, with both at 88%. Retin-A pictures,
The problems facing Greece are illustrative of those afflicting other mature economies, including those in Western Europe and North America. The fundamental difference between Greece and most advanced economies is in degree — and not in kind. Buy Retin-A Without Prescription,
Nonetheless, the impediments to economic growth in Greece are quite real. The country’s over-regulated economy is one example of how doing business can be hindered, buy generic Retin-A. It’s a situation that stems from the creation of new regulations before the existing ones can be tidied up and harmonized. The costs are financial and economic, Retin-A online cod, direct and indirect, and they serve to hamper investment and economic growth.
What’s clear now is that it is necessary to undertake urgent and immediate measures to manage the problem of illiquidity in the near term. But it would be wrong to presume that this will also provide a viable exit from the crisis, Buy Retin-A Without Prescription. This is because the real problem is not one of liquidity, Retin-A interactions, but one of capital adequacy.
The solution hinges on successfully reforming the Greek state. Retin-A price, coupon, We need to simplify judicial services and enforcement of rules and laws, apply quality control on goods and services, eliminate organizations with overlapping mandates and rationalize the public sector.
We must also streamline the process of creating, order Retin-A online overnight delivery no prescription, running and dissolving a business, while encouraging foreign investment. Buy Retin-A Without Prescription,
The purpose of reforms should be to boost our capital base, generate growth and make Greece an attractive place for investment. After Retin-A, These reforms should focus on Greece’s comparative advantage.
Greece’s main asset is its human capital. The country is also blessed with significant natural resources and boundless potential, especially in the tourism, shipping and renewable energy sectors, Retin-A canada, mexico, india. Their exploitation, however, Retin-A natural, also requires a kind of investment and entrepreneurship that can only flourish in a healthy business environment.
Consequently, the country’s central strategy should be to capitalize on our bright, capable and creative individuals — all those who do so well when they are outside of the country, order Retin-A online c.o.d.
Any effective long-term plan must involve far-reaching and comprehensive reforms that are necessary to guarantee the long-term growth prospects and economic health of the country, Buy Retin-A Without Prescription. In turn, a robust economy will improve the sustainability of the public debt, Retin-A from canada, sending a positive message to creditors.
In addition, such measures will improve public opinion of the government’s response to the crisis. Unsurprisingly, online Retin-A without a prescription, the majority of Greek citizens are fully aware of how difficult it is to boost investment and do business in Greece. They are also very much aware of the wider structural problems plaguing the country. Buy Retin-A Without Prescription,
This internal public discontent mirrors the poor image of Greece abroad. Retin-A for sale, Greece suffers from a reputation deficit due to a series of statistical revisions of government debt and deficit figures, as well as the failure to honor past promises of reform. All this has undermined Greece’s credibility, especially that of the political parties and politicians, purchase Retin-A online.
And, perhaps because Greece is a popular summer destination, Buy Retin-A no prescription, there is also a prevalent, enduring and damaging image of Greeks as lazy and ungracious recipients of excessive government benefits.
This could not be further from the truth. According to the OECD, Greeks in 2009 worked on average 2,119 hours — much longer than the OECD average of 1,739 hours, Buy Retin-A Without Prescription. Specifically, buy Retin-A online no prescription, Greeks worked on average 20% longer than Americans, 36% longer than workers in France and 52% more than the average German worker. My Retin-A experience, Moreover, according to the Center for European Policy Studies, government expenditures on public wages as a percentage of GDP were lower in Greece than in Portugal and France.
Yet Greece has undertaken a stability program to dramatically reduce its public expenditures. It is proceeding with an internal wage reduction, kjøpe Retin-A på nett, köpa Retin-A online. Salaries and pensions have been reduced, and taxes have increased. Buy Retin-A Without Prescription, The unemployment rate has soared to 14.5%, while 7% of full-time workers are getting paid below minimum wage. Retin-A duration, With these figures in mind, is it any surprise thousands of Greeks have demonstrated in protest against the new austerity measures. Pushing through such reforms would be unthinkable in any other European country. Let’s not forget what happened in France, buy Retin-A from mexico, where the mere mention of lengthening the 35-hour workweek has caused widespread public unrest, forcing policymakers to backpedal.
Amidst these extremely difficult economic conditions and growing public discontent, Greece will continue to push through tough reform measures. Sadly, the international public underestimates the difficulty of such a Herculean endeavor, Buy Retin-A Without Prescription.
Due to past policies and a lack of credibility, Greece’s reputation abroad has been tarnished. If this were not the case, the results of these critical and unprecedented measures would probably be a lot more positive.
Evidently, Greece must wage a war on three fronts. The first is to take immediate action to ensure adequate liquidity over the next few years. Buy Retin-A Without Prescription, The second requires us to implement ambitious structural and institutional reforms that will establish capital adequacy and solvency in the longer term. The third is to highlight the enormity of the changes, the painfulness of the adjustment process in the short term and the potential for positive reform that can benefit the country in the long term.
This message must reach the Greek and the international public, as well as important partners such as the eurozone and IMF.
There is a clear need for courageous, ambitious and timely actions on the part of the government.
The impetus for necessary changes must come from within the country itself — both from the Greek government and from the Greek people.
The crisis is a wake-up call. It can provide an opportunity for a complete reversal of the country’s current economic course, fostering sustainable economic growth that is based on productive investments and on taking advantage of the country’s human and natural resources..
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July 7th, 2011
This article first appeared in the Globalist Zithromax For Sale, on July 6th, 2011: http://www.theglobalist.com/storyid.aspx?StoryId=9220
On June 29, Greece’s parliament adopted a contentious austerity package that paves the way for the EU and the IMF to unlock another crucial installment of bailout funds. Elena Panaritis, online buying Zithromax, Zithromax no prescription, a member of Greece’s parliament, explains what her country must do going forward to put itself on sounder financial footing.
It was a make-or-break vote in Athens on June 29, get Zithromax, Zithromax overnight, and the whole world was watching and waiting to see whether the government’s latest austerity package would pass through parliament.
In the end, canada, mexico, india, Zithromax trusted pharmacy reviews, we made it. The sigh of relief was almost audible, comprar en línea Zithromax, comprar Zithromax baratos. Zithromax description, The stakes were too high for the vote to go any other way. The austerity plans are the key to unlocking some €12 billion of additional funding from the European Union and the International Monetary Fund, Zithromax For Sale.
We succeeded in averting a domestic, doses Zithromax work, Rx free Zithromax, European and international financial calamity. Greece’s debt woes, Zithromax street price, Zithromax no rx, at least for now, will not mutate into a full-blown crisis, Zithromax steet value. Zithromax use, It’s now up to us to deliver and lift the country out of the worst recession in modern Greek history. It won’t be easy, japan, craiglist, ebay, overseas, paypal. Zithromax For Sale, As a mood of optimism begins to spread again, we need to convince the global financial markets we are serious about implementing the new measures — a painful mix of spending cuts, tax hikes and wage reductions worth €28 billion. Buy no prescription Zithromax online, There’s really no other choice. It’s our only way out, Zithromax from canadian pharmacy. Fast shipping Zithromax, It’s the only way to redeem ourselves after decades of mismanagement and broken promises. It’s the only way for Greece to win back the trust of our partners in the eurozone, cheap Zithromax no rx.
Reflecting the Greek reality
Now is the time to bolster our economic diplomacy, Zithromax For Sale. Buy Zithromax from canada, Greece has to turn the tables and redefine the problem. The current travails are not just about rescuing Greece, Zithromax schedule, Low dose Zithromax, but are an opportunity to restructure the country’s economy and stimulate the production base in all 17 eurozone countries.
The June 29 vote was a key victory, effects of Zithromax. Order Zithromax no prescription, The government gained significant momentum. Zithromax For Sale, The tough job, however, is not over yet.
The hard work is just beginning, Zithromax price. Purchase Zithromax for sale, It is positive to have the support of other European Union countries and our international lenders. They understand now that our problem is also their problem, about Zithromax. Zithromax reviews, They understand that this crisis is much larger than Greece.
This crisis has brought to light the shortfalls of the European Union economic support system, Zithromax For Sale.
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If the vote on July 29 had gone the other way, the situation would have intensified, Zithromax treatment. Zithromax maximum dosage, The problems would have spread, starting from Greece and then spreading to the rest of Europe, discount Zithromax. Zithromax forum, Countries would have struggled with continuous downgrades by international rating agencies. Zithromax For Sale, The sovereign bond spreads would have widened.
Let’s not think about the unthinkable: Greece’s default, buying Zithromax online over the counter. Such a scenario would be catastrophic. It would not just be a bad turn of events, it would be a living nightmare.
And I am being very honest when I say this. I know firsthand what it would be like, Zithromax For Sale. I have watched countries default back when I worked with Latin American countries in the 1990s and early 2000s while at the World Bank.
This is why all of us must pull together and rule out the remote chance of Greece or any eurozone country defaulting.
To avoid it, we must make the most of our negotiating power and embark on high-level economic diplomacy. We need to explain that the Greek crisis, as well as the wider one in Europe, is not entirely a problem of liquidity. Zithromax For Sale, Nor is it simply a problem of debt management.
It is a problem of solvency — which in Greece stems from poor management of the civil service, bureaucracy and overregulation. All this has led to a drastic loss in productivity.
But first things first. Greece has to solve some heavy-duty regulatory problems for the new measures to have lasting and positive results. These are problems no one has addressed for decades thanks to the excess liquidity (coming either from European Union accounts or from low-interest loans), Zithromax For Sale.
These include a heavy bureaucracy, which results in a lack of transparency and takes the form of inefficient law enforcement, as well as insecure property rights and a complex and convoluted administrative process. This ultimately serves to decrease predictability and discourage foreign direct investment.
Much of this is being tackled by the new law. Thankfully, due to the crisis, these problems are now out in the open — and they will not be swept back under the carpet. Zithromax For Sale, Whatever the Europeans have been criticized for, and there are plenty of reasons to be critical, this point is true about Europe as well: It has been unusually good in using crises to make real progress in overcoming its problems.
And using crises as an opportunity to reinvent, improve and resolve — that is very much the European trait we Greeks must urgently adopt. For all the talk about the EU’s "integration technology," no element is more important than that — to use crises to remake yourself.
This is why we must direct our economic strategy toward regulatory and institutional reforms — a single, simplified tax system, simplification of the judicial system and the safeguarding of property rights, as well as the overall improvement of the average Greek’s daily life.
It’s going to be an uphill climb. Though the path we are on is very difficult, we must persevere. What is required of us now is to mobilize our strengths to forge ahead and to deepen the reforms. Let’s stay driven and determined to keep going.
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July 1st, 2011
Buy Zithromax Without Prescription, Elena was qutoed in the Guardian by Paul Mason in the provocatively titled piece "Greece Today. Tomorrow Europe's Gucci-clad Elite" http://www.guardian.co.uk/commentisfree/2011/jun/30/today-greece-gucci-elite-eurozone?CMP=twt_gu
QUOTE: Elena Panaritis, Zithromax dosage, Zithromax images, one of the western-educated lawmakers guiding the Greek prime minister, insists the eurozone authorities have played this badly: "Through indecision they turned an issue of long-term structural reform into an issue of short-term insolvency, purchase Zithromax online no prescription, Zithromax without a prescription, " she says. As a result the austerity this week cannot in any way be cathartic – nor can it be sold as such, Zithromax australia, uk, us, usa, Zithromax class, whatever short-term euphoria it has produced in Brussels. We need to deliver a productive economy, Zithromax results, Zithromax wiki, with an entrepreneurial culture, that exports, where can i buy cheapest Zithromax online. Cheap Zithromax, Europe needs to create a quick reaction system."
Mason argues that "the governance dysfunction we see in Greece is replicated at a higher level in Europe". He also remarks that Greece's middle class will find itself extremely vulnerable as the country opens its economy to more competition and free-market liberalism, Zithromax cost. Zithromax dangers, Losing the middle class politically also jeapordizes support for the larger European Union.
But air of inevitabilitly surrounds the need for reforms, where can i cheapest Zithromax online. Zithromax brand name, Elena was also quoted in " Breathing space for Greece as reforms pass " (published in the Brisbanetimes with Gardian News & Media) as saying that ''There's an American expression - 'No pain, no gain' … Unfortunately we have to revise our economic way of doing business.'', Zithromax gel, ointment, cream, pill, spray, continuous-release, extended-release. Zithromax without prescription. No prescription Zithromax online. Ordering Zithromax online. Zithromax photos. Zithromax recreational. Herbal Zithromax. Is Zithromax safe. Zithromax over the counter. Where can i find Zithromax online. Zithromax used for. Order Zithromax from United States pharmacy. Where can i buy Zithromax online. Online buying Zithromax hcl. Zithromax samples. Buy cheap Zithromax. Real brand Zithromax online. Zithromax pharmacy. Zithromax pics. What is Zithromax. Zithromax from mexico.
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