This article appeared first in the Globalist on Tuesday, July 12, 2011:

Greece’s fiscal crisis is not only affecting the entire eurozone and threatening the fragile global financial equilibrium, it is also casting doubt on the future of the euro as a single currency.

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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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"

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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May 12th, 2011

The piece first appeared in the Globalist Flagyl For Sale, on May 11, 2011.

Tax evasion in Greece is rife. In fact, purchase Flagyl online no prescription, Kjøpe Flagyl på nett, köpa Flagyl online, it can be described as an epidemic, particularly in small businesses that handle cash, where can i buy cheapest Flagyl online. Flagyl class, But is tax evasion the same as it is in the United States or in other countries. Is it that Greeks are born with an Al Capone gene?

No, where to buy Flagyl. Flagyl pharmacy, The real culprit is an institutionalized, broken system and inefficient management of the public sector and the overall revenue system, Flagyl wiki. This results in poor quality of services in Greece, which in turn means there is a mismatch as regards money collected from taxes and public sector services, Flagyl For Sale. Flagyl results, It's a rift that is becoming wider and wider.

Greece's shadow economy (i.e., unreported income) is about 25% of the country's gross domestic product, Flagyl cost. Generic Flagyl, More than 30% of income taxes are uncollected.

Tax morale has fallen because there is little or no trust in the state. Greeks have no shortage of reasons for cheating on their income taxes: payback for government waste and the perception that cheating the taxman is not a serious crime, Flagyl photos. Flagyl street price, What's worse, the government becomes more indebted in order to be able to provide services — bad services — to taxpayers, order Flagyl from United States pharmacy. Flagyl For Sale, These bad services, however, only serve to dampen people's appetite to pay taxes further.

This cynicism, however, is not just evident among the taxpayers. Online buy Flagyl without a prescription, It has also taken over those who manage the tax system. There has been a significant lack of control within the formal system that would somehow engage collusion of those who manage the system and the actual payers, Flagyl from canadian pharmacy. Flagyl reviews, This, in a nutshell, Flagyl price, coupon, Flagyl pictures, has been the unfortunate outcome of Greece's tax administration system. It is not because Greeks are inherently bad and hate taxes, buy Flagyl from mexico. It's rather that there has not been any euro-to-euro reciprocity.

Tax collection in Greece is much like a modern Sisyphus — endlessly pushing his enormous boulder uphill, Flagyl For Sale. Flagyl online cod, Unrealistic targets and strategies pitting citizen against the state, have led to corners being cut, Flagyl canada, mexico, india. Flagyl forum, It also means Greece gets into more crisis and even greater economic disarray as it has to borrow more money to meet the demands.

All the while, the taxation system remains so convoluted that the discontent grows further, japan, craiglist, ebay, overseas, paypal. Flagyl without prescription, In the end, it's every man for him self, cheap Flagyl no rx. Where can i find Flagyl online, The thinking is: "I don't care about anyone else. I only care about myself."

Flagyl For Sale, And all the while, we have large-scale tax evaders owing millions of euros in taxes who are getting off with a 10,000 euro fine.

News of such a system has obviously outraged taxpayers. They've become angry at a system they cannot change, order Flagyl online c.o.d. Online buying Flagyl, In the end, it has sapped the country's energy.

We in the Greek government are in the process of reforming the system, where can i cheapest Flagyl online. Get Flagyl, We are changing it and fighting the cynicism. Greece will no longer tolerate tax evasion, Flagyl no rx. It's made this very clear, Flagyl For Sale. Buy Flagyl online cod, A zero tolerance for tax evasion is finally being translated into a formal and institutional structure. Our message is clear: pay your taxes or go to jail, taking Flagyl. Effects of Flagyl, The same ultimatum applies to the revenue collectors caught helping someone to avoid paying taxes or manipulating the numbers.

To crackdown on tax evasion, we have created a much needed system of controls, where can i order Flagyl without prescription. There are now internal controls, external controls and controls from the citizen — the taxpayer. We have engaged referees on all sides of this system.

Flagyl For Sale, And while this will probably be one of Greece's most difficult reforms to implement, the chances of success are strong. We have already achieved a wide cross-party consensus in Parliament. The new tax reforms received unanimous support from MPs of the majority PASOK party, which has welcomed a tougher stance against tax evasion. Even opposition lawmakers voted for nearly every single article of the new law, demonstrating an unprecedented degree of political convergence.

Never before has Greece been so serious about tax collection. And we do mean business. The authorities are even turning to unprecedented methods, using satellites to locate undeclared swimming pools — taxed as luxury items. The unreported income of doctors and lawyers has also come under mounting scrutiny — more than ever before.

A complete turnaround is well within reach.


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