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I read the following the other day from a surprising source:

Allianz CEO warns against Greece default - paper

BERLIN, May 23 (Reuters) - The chief executive of Europe's largest insurer, Allianz, warned governments not to push Athens toward insolvency by blocking further aid to Greece.

...'Greece cannot save itself alone through a debt restructuring. The country must not decouple itself from capital markets,' Diekmann said. 'We need an industrialisation plan for Greece, a type of Marshall Plan. European labour and production need to be shifted to the country.'

A translation of the more detailed original, without linking to the Axel Springer source:

Mit einer Umschuldung allein ist Griechenland nicht zu retten. Das Land darf nicht vom Kapitalmarkt abgekoppelt werden, die Wirtschaft muss in der Lage sein zu gesunden und zu wachsen. Mit Geld allein ist das griechische Problem nicht zu lösen. Wir brauchen einen Industrialisierungsplan für Griechenland, eine Art Marshall-Plan. Es müsste Arbeit und Produktion aus ganz Europa in das Land verlagert werden. Was spricht dagegen, Fabriken nach Griechenland statt nach Osteuropa oder Asien auszulagern. Das würde den Griechen enorm helfen, um wieder auf die Beine zu kommen.Greece can not be saved with a debt rescheduling only. The country should not be decoupled from the capital market, the economy must be able to recuperate and grow. With money only, the Greek problem cannot be solved. We need an industrialization plan for Greece, a kind of Marshall Plan. Labour and production from all across Europe should be relocated to the country. What argument is there against outsourcing factories to Greece rather than Eastern Europe or Asia? This would greatly help the Greeks to get back on their feet.

(The same guy is advocating retirement at 69 in Germany, so he didn't suddenly became a leftie.)

*Lunatic*, n.
One whose delusions are out of fashion.

by DoDo on Mon May 23rd, 2011 at 10:47:10 AM EST
[ Parent ]
Diekmann must actually believe in the EU, unlike Merkel.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon May 23rd, 2011 at 10:48:48 AM EST
[ Parent ]

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