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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This article first appeared in the Globalist Buy Amoxicillin Without Prescription, on May 13, 2011.

Over the past year, we here in Greece have been going through all of the five stages of grief: denial, Amoxicillin dose, anger, Buy Amoxicillin online cod, bargaining, depression and acceptance.
We woke up to the crisis in denial, purchase Amoxicillin, came to terms with it, Order Amoxicillin from mexican pharmacy, and became angry. Then we started bargaining for our future until we got so depressed we finally had to accept our "new" reality — a reality of recession, high debt and continuous austerity, Amoxicillin blogs.

Greece is a very old country. Not just an old country, but an old civilization, Buy Amoxicillin Without Prescription. Amoxicillin mg, It wasn't until the 1830s that the modern Greek state was established, after rebelling and gaining independence from the Ottoman Empire.

This achievement, buy cheap Amoxicillin no rx, however, Taking Amoxicillin, was followed by a series of wars: The 1912-13 Balkan Wars (during which we actually increased our territory), World War I, another war involving Asia Minor in 1921, Amoxicillin long term, World War II in 1940, Rx free Amoxicillin, followed by six years of civil war that started in 1946 — and, finally, a conflict in 1974 between Cyprus and Turkey, what is Amoxicillin.

The Greek Civil War was fought between a government backed by British and American support and Greek Communists. Amoxicillin australia, uk, us, usa, It was the bloodiest and most devastating war in the history of Greece considering the number of lives lost. Buy Amoxicillin Without Prescription, The death toll reached nearly 10% of the Greek population.

While we — and the world — have been focused mostly on the political dimension of Greece's path in the entire post-1945 era, tragically the economic sphere never received similar attention, Amoxicillin gel, ointment, cream, pill, spray, continuous-release, extended-release. While still a poor country, Doses Amoxicillin work, Greek leaders sought to protect, and sooth, the war-stricken population by finding alternative ways to help improve their livelihoods, buy generic Amoxicillin. The stage was set for a statist approach to economic policy. Amoxicillin price, A welfare state emerged, including an automatic, indexed salary schedule instead of annual pay increases based on market indicators (such as productivity), fast shipping Amoxicillin. A worker's base salary would be further adjusted to include subsidies and transfers of all kinds, based on factors such as marital status and number of children, Buy Amoxicillin Without Prescription. This also included the infamous 13th and 14th monthly salaries. Buy Amoxicillin without a prescription, The resulting lack of economic opportunity and real growth, however, pushed an unprecedented number of Greeks to emigrate to the United States and Australia after the World War II, Amoxicillin dangers. With one of the highest rates of emigration in the world, Amoxicillin samples, remittances soon became the largest component of Greece's GDP. Greece even established a parliamentary committee for its diaspora to better address their interests. Buy Amoxicillin Without Prescription, Also worth noting is the fact that, despite these measures, the average total monthly salary in Greece was still far below the average European Union monthly salary.

Greece's modern history is marred by conflicting factors: a rapid evolution of the state, my Amoxicillin experience, economic growth and governance based on legal institutions that were mainly imported. Amoxicillin over the counter, Despite all these problems, I am convinced that Greece can bounce back. And while the path to prosperity may be slow, Amoxicillin dosage, it is not unrealistic. Amoxicillin natural, Greece has done it before. Let's not forget the economic miracle achieved by Greece in the early 1970s (when the country boasted an average annual growth rate of 6%), Buy Amoxicillin Without Prescription. It was a period of unprecedented growth. Inflation was low, buy no prescription Amoxicillin online. Greece's GDP was growing annually about 8% — the fastest growth rate in Western Europe. Amoxicillin no prescription, Industrial production also expanded at about 10% annually, and manufacturing exports topped agricultural experts for the first time in Greece's history. Buy Amoxicillin Without Prescription, This time around, we will need to spark growth through institutional reforms. The question before us is this: How can we use the current crisis to steer Greece in the right direction, Amoxicillin dose.

In the Parliament, Online Amoxicillin without a prescription, we have pushed through some difficult, but very necessary, reforms, order Amoxicillin online overnight delivery no prescription. They are aimed at freeing up the very rigid labor market of the past. Buy Amoxicillin online no prescription, We have also taken actions aimed at rebuilding trust between citizens and the state. These reforms are opening up the so-called "closed professions," increasing the retirement age, and consolidating wages and pension funds by 2015, Buy Amoxicillin Without Prescription. We will also restore some key institutions, focusing on property rights and security of title, low dose Amoxicillin.

We have to rekindle Greeks' entrepreneurial spirit at home, Amoxicillin trusted pharmacy reviews, rather than out of the country. Why is it that Greeks excel far better abroad in countries like Australia and the United States. It's because these countries provide a friendlier investment environment, Amoxicillin treatment. Buy Amoxicillin Without Prescription, We are continuing on the path of reform to deregulate and simplify bureaucracy. I am confident we will see a remarkably strong emergence of local entrepreneurs. Buying Amoxicillin online over the counter, A solution to all the problems can only be found if the formal economy becomes simple, predictable and, therefore, discount Amoxicillin, easy to track. Any rules must, at long last, be applied even-handedly, with appropriate pricing of risk and minimal informational asymmetry, which usually benefits those who have accumulated considerable economic power — and thus stifles innovation, risk-taking and entrepreneurship.

For that to happen, however, people first need to understand the underlying risk and the devastating effect of bad rules and processes and inappropriate institutions, and that they not only lead to persistent distortions, but also systematically diminish economic growth.

Greece's recovery is not a sprint, Buy Amoxicillin Without Prescription. It's a marathon and an exercise in building trust between citizen and state.
This is the answer to the country's problems: Unshackle the chains of the past. Unleash the enterprising spirit. We have just never tried it before — and it's high time to do so. Buy Amoxicillin Without Prescription, Greece's recovery is not a sprint. It's a marathon and an exercise in building trust between citizen and state. That makes it all the more worth pursuing and completing.

The 2009 crisis is probably the biggest opportunity in Greece's modern history to carve out a new path to prosperity.

For that to happen, we need to put through deep institutional reforms. That might, and will, displease the few, but if we don't do so, we will fail the many — our citizens.

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