http://www.nytimes.com/2011/06/01/business/economy/01euro.html?_r=2
Harsh austerity measures have taken a severe toll on the economy, resulting in missed financial targets and the need for more public money.
“Greece’s G.D.P. is already declining, and now the government will need to cut another 7 billion euros in spending,” said Jason Manolopoulos, who manages a hedge fund based in Athens and Geneva and is the author of “Greece’s ‘Odious’ Debt: The Looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community.”
“That is only going to make the debt to G.D.P. figures worse,” he said. “There is no getting around it: Greece is insolvent.”
“People here have lost 30 percent of their income,” said Theodore Pelagidis, an economist based in Athens and author of a recent book on the collapse of the Greek economy.
“It is nice that we are getting a loan from Angela Merkel,” Mr. Pelagidis added, referring to the German chancellor, “but I am not sure this will be enough given the depth of the recession. We are just kicking the can further down the road until the time finally comes to restructure the debt.”
Harsh austerity measures have taken a severe toll on the economy, resulting in missed financial targets and the need for more public money.
“Greece’s G.D.P. is already declining, and now the government will need to cut another 7 billion euros in spending,” said Jason Manolopoulos, who manages a hedge fund based in Athens and Geneva and is the author of “Greece’s ‘Odious’ Debt: The Looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community.”
“That is only going to make the debt to G.D.P. figures worse,” he said. “There is no getting around it: Greece is insolvent.”
“People here have lost 30 percent of their income,” said Theodore Pelagidis, an economist based in Athens and author of a recent book on the collapse of the Greek economy.
“It is nice that we are getting a loan from Angela Merkel,” Mr. Pelagidis added, referring to the German chancellor, “but I am not sure this will be enough given the depth of the recession. We are just kicking the can further down the road until the time finally comes to restructure the debt.”
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