Renegotiation of Memorandum Terms is a Red Flag for International Partners

In a radio interview to the station ‘Athina 9.84’, Michael Haliassos points out the dead end for which Greece is headed when it sets renegotiation of terms as its objective while the international partners stress the need to stick to promises. He argues that Greece can get out of the crisis if it creates a broad productive base for exports and import substitution, that will create jobs and utilize Greek ingenuity and entrepreneurial spirit; and if it combines this with an increase in efficiency of the public sector. He stresses that concrete steps towards such objectives, together with data showing that Greece no longer faces a relative competitiveness problem in terms of unit labor costs, will provide the key arguments vis a vis our European partners.

You can hear the interview using this link (in Greek).

About M_Haliassos

Goethe University Frankfurt

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