Chances Of Repairing Greece?

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Includes: GREK
by: Constantin Gurdgiev

When someone says that Europe (or anyone else) "has missed a chance to" stabilise or repair or make sustainable or return to growth Greece, while referencing any time horizon spanning the last 8 years - be it today or 6 months ago, or at any recent iteration of the Greek crisis, I have two charts to counter their claims:

Click to enlarge

Click to enlarge

You can't really be serious when talking about stabilising Greece. Greece has not been stable or sustainable or functioning by its Government deficit metrics ever since 1980, and by current account balance in any year over the same time horizon, save for the last 3 years.

Yes, there probably are means and ways to significantly improve sustainability of the Greek economy. But such means and ways would have to be radical enough to undo three and a half decades of systemic mismanagement.