Friday, February 20, 2015

Whither the Greeks...

The entire Greek situation is bizarre... but in the midst of the Greek government demanding that they receive new loans, an oddly lucid piece of journalism (NYT - yes, oddly, the NYT):

Businesses are still stymied by labor rules and tax policies that under the previous government often changed week to week — 2,200 new tax regulations in the last two years alone.

Firms like Mr. Stamatiou’s, as well as investors and start-ups, face high administrative costs and bureaucratic inefficiency that Greek business associations say jeopardize jobs and leach about €14 billion a year from the economy. Corruption remains widespread, and vested interests have fought against opening swaths of the economy to competition.

“The removal of austerity is all fine and well,” said Constantine Mihalos, president of the Athens Chamber of Commerce. “But it will only be the right solution if it is followed by the necessary structural reforms in the public and private sector creating conditions for growth.”

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