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productivity improvements of the export industry (including tourism, I suppose) hasn't managed to keep up, lowering the relative strength of Greek companies.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Thu Jun 16th, 2011 at 04:19:44 PM EST
[ Parent ]
The best way to improve worker productivity in the deficit countries is to invest in productive capital. Hence the best way to resolve the Euro crisis and close the chronic imbalances is recycling of trade surpluses into EU structural funds geared towards productive investment.

As it is, EU industrial policy forces inefficient countries to shut down their physical plant, making them even less productive.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Thu Jun 16th, 2011 at 04:23:27 PM EST
[ Parent ]
As for tourism, the pricing of Greek tourism is sky-high over where it was a decade ago. But tourism numbers are sky-high as well. They have more tourists than ever before.

I know because I've been taken to task by Greeks for complaining about all-inclusive resorts encroaching on the beach, for 15 euro beach umbrella rental, etc.

by Upstate NY on Thu Jun 16th, 2011 at 04:36:03 PM EST
[ Parent ]

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