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But anyway, this is an admission that Greece is the first guinea pig, an experiment to see if any country can survive the IMF treatment without joining the Third World.

Has anyone mentioned Latvia in Greece?

either reveals the quality of the analysis of the Greek economy that has driven the IMF's/EU advice - a bad sign surely, or demonstrates that the IMF is barely covering up for decisions

Or a combination: with both leaders and bureaucrats totally indoctrinated, they don't check the figures and rhetoric they read in the business press...

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

by DoDo on Tue May 25th, 2010 at 04:18:23 AM EST
DoDo:
an experiment to see if any country can survive the IMF treatment without joining the Third World.

Has anyone mentioned Latvia in Greece?

Some Balkan humour.

Mujo (stereotypical Bosniac) comes back from a trip to Sweden and tells his friend "man, they're 30 years behind us in Sweden". "How so?" asks his friend. Mujo replies "Life is still good there".

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan

by Migeru (migeru at eurotrib dot com) on Tue May 25th, 2010 at 04:24:36 AM EST
[ Parent ]
ROTFL!

*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Tue May 25th, 2010 at 04:27:04 AM EST
[ Parent ]
Yes, you are right. And I speak of "countries" in general which is obviously wrong. I was thinking of eurozone countries, and somehow I think Latvia (and Hungary, no?) didn't begin their history as IMF victims, as models for the whole EU. That is a more recent development...

It's scary though when the experts don't even bother check the figures of the economy they are supposedly fixing...

The road of excess leads to the palace of wisdom - William Blake

by talos (mihalis at gmail dot com) on Tue May 25th, 2010 at 06:38:09 AM EST
[ Parent ]
I was thinking of eurozone countries, and somehow I think Latvia (and Hungary, no?) didn't begin their history as IMF victims, as models for the whole EU.

OK, no Eurozone. I didn't think of Hungary as analogy, because its 'reforms' crisis is a much longer story (preceding the Global Financial Crisis), the "shock level" was lower, and has rarely been touted as example. But Latvia was for long touted as flat tax wonderland, with wonderful deficit and productivity and foreign investment situation, touted as example to follow even in the EU-15; then it unravelled, and the IMF came in, while practically the entire second language speaking youth went to work elsewhere in the EU, then a new government was elected that again did more of the same...

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

by DoDo on Tue May 25th, 2010 at 06:56:19 AM EST
[ Parent ]

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