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Uh, no, you can't conclude that from the data given. The data given is also consistent with asset stripping.

I note, in passing, the inherent dishonesty of comparing to German unit labour costs, since German wages have failed just as much as Greek wages to track productivity.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Jun 25th, 2011 at 03:43:06 PM EST
[ Parent ]
Not dishonest, as in the next sentence it's mentioned that German salaries need to increase. And as far as I know, there has been no evidence of any unusually large asset stripping in Greece in the decade leading up to the Greek crisis.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Sat Jun 25th, 2011 at 04:01:01 PM EST
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