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LOL, yes, well this comparison is only with the Eurozone. if you compare Greece to Indonesia, Greece might indeed be losing a bit, but we are still only 100 years removed from the horse and buggy. Somehow I think that Indonesia is not yet crowding Greece out of its traditional markets.

One more thing about the Eurointelligence article. The author takes his economics colleagues to task for claiming that Greece needs deflation in wages to make it more competitive. But he himself does not address part of his own article: "If we set the year 2000 equal to 100, then by 2009 Greece was at 122 while Germany was at 102."

He says that wage deflation won't solve competitiveness in Greece, and I buy that. But by his own argument, it seems that wage deflation is his remedy for Greece's fiscal crisis.

by Upstate NY on Tue May 25th, 2010 at 09:35:28 AM EST
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