Alan Kohler is one of Australia’s most experienced commentators and journalists. Alan is the founder of Eureka Report, Australia’s most successful investment newsletter, and Business Spectator, a 24-hour free business news and commentary website. He also hosts Inside Business, a half-hour Sunday programme on the ABC, is the finance presenter on the ABC News - and producer of the nightly graph (or two).
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Comments on this article
Comments PolicyAn excellent article Karen, my bet is that Greece won't get things done in time to get the bailout. I do think now they will default and leave the euro (No heroes in a Greek war, January 20). When they default, that's when the EU will help then to prevent a disorderly default.
Having defaulted on their debt seven times in the last century I think there is no way that Greece will not take the same path to resolve their current crisis (No heroes in a Greek war, January 23). For the troika and others to continue demanding more austerity from Greece not only displays their inability to understand what needs to be done economically to solve the problem but also their failure to learn the lessons of history.
Greece will default. Until they do they will continue gaming the European Community to get as much out of them as they can before the inevitable occurs.
Karen, I think the best strategy for Greece is to default, leave the euro and start again; and fund their future from their own internal and external revenue streams; and live within their means - it is only then that the levels of tax evasion and financial corruption in the country will be addressed (No heroes in a Greek war, January 23).
Euro contagion isn't an issue for the Greek populous – its the issue for the rest of Europe/Globe – that why they keep trying to bail them, just making an insolvent situation worse – the longer it takes the worse its going to become. This strategy will have the side benefit off teaching bond holder a lesson they need to learn, i.e. never lend money to anyone who can't pay it back.
Thanks Karen (No heroes in a Greek war, January 23), naturally we all have our seat-belts on and fastened – let's hope it's a slow wreck.
I wonder how much of the alledged Greek economic contraction is real and how much is related to the measured Greek economy being transferred to their black economy (No heroes in a Greek war, January 23)? If you were a Greek public servant who had a small cash business on the side and you have just had a cut in your takehome pay, would you work harder in your public service job or harder in your cash paying business?
No wonder the Greeks haven't sold any assets. I think they always knew they were going to be hung out to dry so they have made sure there will be something left in the pantry (No heroes in a Greek war, January 23).
If Greece defaults it won't be able to pay it's internal bills such as public servant salaries or social welfare because it will still be in deficit. The state would effectively collapse (No heroes in a Greek war, January 23).
Welcome back Karen, you have been missed.
I think it's been obvious for months and months that to get kicked out of the Eurozone is exactly what Greece needs to happen. (kicking themselves out would be a bad mistake of course). So after going back to a very heavily devalued Drachma good old inflation can set in and be put to work and thus start up the Greek economy again (No heroes in a Greek war, January 23).
I wonder if countries like France and Austria and other former Eurozone friends of Germany, might consider this to kick their economies along because it's a dead cert that the other PIIGS will be looking towards that time before too long. Sorry Germany, the joke is going to be on you!