Wednesday, July 13, 2011

Up and running again...

Yes this blog is getting back on its feet.

Its been a hectic period - full of ups and downs... and more downs, both for the nation and personally.
So in order to sate your thirst for information, here is an insight from one of Greece's preeminant thinkers, Mr Papagiannidis.

Greek politicians, may they live long, are an especially short-sighted race. As remarkable as they are short-sighted. (Correction: maybe not 'Greeks' in general, but perhaps better defined as Greek residents.)And as a result of their shortsightedness - deeply self-destructive!

Look at how they cried out in response to the capital flight in personal deposits. Let's look at examples of the impact of wild enthusiasm on the one hand, and of pragmatism on the other.

The wild enthusiasm: In comes Theodoros Pangalos sounding alarm bells that the medium term financial plan would not pass into legislature, he describes a situation wherein Greece returns to the drachma, sending people running to the banks to withdraw their money, and the only thing that can stand in their way are the tanks and the armed forces.
Leaving aside the fact that Theo has most probably not seen a soldier, or any kind of military figure up close (hence his notion that they would be protecting beleaguered banks), lets also ignore the fact that the interview was given to Spanish newspaper (hence limited risk that it would be read by the natives), but given his statements, what is one to think, and what did he think would be the outcome of his statements.

The exuberant and quick tempered Theo invited the people to withdraw their deposits and send them abroad, hide them under the bed, buy gold sovereigns, throw them down a well, put them in a bag and head of to Albania or Turkey, do anything to save them.

The rest of the article can be read here.

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