02-06-2015, 12:39 PM
The regulat summaries on the situation in Greece by Deutsche Bank's George Saravelos have consistently been among the best in the entire sellside. His latest Greek update, which is a must read for anyone who hasn't been following the fluid developments out of southeast Europe, which fluctuate not on an hourly but minute basis, does not disappoint.
Greece: The Big Picture Update, And Why Deutsche Bank Thinks Europe Will Fold | Zero Hedge
But what exactly have Greeks signed up to, backing a party that was once a wide-ranging far-left coalition that included Maoists? Here are five of Syriza's key aims.
BBC News - Greek elections: Five things Syriza wants to change
"If you humiliate a proud nation for too long and subject it to the worry of a debt deflation crisis, without light at the end of a tunnel then things come to the boil." The comparison is likely to send a clear message to German Finance Minister Wolfgang Schauble ahead of his meeting with Mr Varoufakis on Thursday. Germany is seen as the strongest opponent among eurozone countries to any reduction of Greece's 323bn euro (£242bn/$369bn) debt. German Chancellor Angela Merkel has ruled out any cancellation of the debt, which is about 175% of Greece's GDP, saying lenders had already made concessions.
BBC News - Don't humiliate us, Greek finance minister tells Germany
Greek economy in numbers Average wage is €600 (£450: $690) a month Unemployment is at 25%, with youth unemployment almost 50% Economy has shrunk by 25% since the start of the eurozone crisis Country's debt is 317bn euros - 175% of GDP Borrowed €240bn (£188bn) from the EU, the ECB and the IMF
BBC News - Don't humiliate us, Greek finance minister tells Germany
Greece does not want to extend the programme or receive new payments under the existing programme, which ends on 28 February. But it does want to receive the profits the European Central Bank (ECB) has made on buying Greek government bonds, government debt traded in the markets. This is money which has been promised to Greece but not yet handed over and is worth €1.9bn.
BBC News - Greece's debt plans: What we know
When reading structural reform effort through these lenses, one sees that Greece has made significant progress, climbing almost 50 positions over 5 years, from its 109th place in 2008-09[1]. Given that Latvia is apparently the benchmark, it must be noted that the country was already ranking very well in 2008-09 (30th worldwide) and improved moderately since then. In its 2014 Report, the World Bank itself using slightly more sophisticated metrics identifies Greece as one of the top broad reformers worldwide (8th to be precise).
Can Greece become competitive overnight? | Alessio Terzi at Bruegel.org