Subject: txt pubmny intl sclm -
Greece needs to restructure its debts and adopt wholesale economic reforms. If you want to understand why, a good source is the annual World Bank "Doing Business" survey for 2010, says the Wall Street Journal.
The spark for this financial crisis has been decades of overspending and cooking of the public books, but the survey reveals the underlying causes of the Greek disease:
- In terms of overall ease of doing business, Greece comes in 109 out of 183 countries around the world.
- It is dead last among the 27 members of the European Union as well as the advanced economies in the Organization for Economic Co-operation and Development (OECD).
- You have to go up 30 slots to find the next worst EU performer, Italy. The U.S. ranks fourth and Singapore is first.
- At 109, Greece ranks below such models of transparency and free enterprise as Egypt (106), Zambia (90), Rwanda (67) and Kazakhstan (63).
A country has to work hard to do this poorly, says the Journal...
[Aka socialism. How many overt examples must be made before our intelligentsia learn.]
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