Everybody speaks of growth – but growth doesn’t fall off trees

Everybody speaks of growth – but growth doesn't fall off trees

The past 3 months have proved quite a roller-coaster for my country. A very tense pre-election period resulted in an extremely fragmented election result which yielded no government  and resulted in repeat elections due for June 17.

To the non-politicized mind, it is quite clear that the Greek electorate voted not “for” someone but decided to “protest” against the incumbent political parties, blaming them for the financial catastrophe which fell upon their country.

The election results were pretty staggering. Neo-Nazi’s got 8% of the electorate, the fringe SYRIZA leftists a whooping 17%, the Communists got 8% and “Independent Greeks” (a break away from the conservative ND) who’s leader claims that passenger aircraft may spray Greek people into submission (not kidding here) got 10%.

Before passing judgment that my fellow Greeks have completely lost it, keep in mind that the country has been in recession for 4 years in a row, taxes have almost doubled and unemployment jumped from 9% to 21% affecting mainly private sector employees.

The previous governments had decided to take the less painful (for their system of State cronyism) way out. Instead of proceeding with the much needed structural reforms and a reduction in the, sometimes absurd government spending, they decided to flatly diminish incomes across the board and tax the economy to death.

And all that, in an effort to preserve their “party” clientele as intact as possible. The victims? Private sector businesses and employees, pensioners, entrepreneurs. No wonder , the two incumbents suffered such a staggering defeat in the elections.

On the other hand, the electorate became very vulnerable to the populist  promises of either fringe leftists (SYRIZA) or the anti European/nationalistic rhetoric of the Neo-Nazis and ‘Independent Greeks”.

The real tragedy of Greece today, is not the country’s economic performance.

It’s the lack of leadership; of politicians capable to steer the country to calmer waters. Moreover, a confused electorate, which had been brain-washed with populism for 30 years non-stop, makes things harder. Not used to realistic solutions, the electorate loves to hear “myths” and “magical solutions” as if the country’s economic dead-end is not a reality but an “ideological misunderstanding”.

As repeat elections loom, the leading political parties have raised their populistic stakes in an effort to secure a landslide victory – which is very doubtful to come.

Parties from across the political spectrum have put “growth” as their main political punch line in an effort to “lure” voters who are, rightfully, fed up with austerity.

So in every panel, every TV show, MPs or MP wannabees are ranting on how Greece has to move from “austerity” to “growth”. That “growth” is needed.

The Holy Grail that the previous governments neglected, as if “growth” is something you can order and “take-away”.

However, from all political spectrums, “growth” suggestions remain extremely vague. There seems to be no plan for achieving it.  When talking about growth, the discussion goes directly to the EU. As if growth is something that can be “transferred” from Brussels to Greece and up till now, the EU was holding it back. “Eurobonds” – “Marshall Plan” and the like, are the arguments presented by most parties, a fact that implies that, once again, politicians have NO real plans for growth, lest the forthcoming aid from the EU.

With “election” fervor, they keep polarizing the political scene, increasing uncertainty regarding their actions. Hence, tail events, which were out of the discussion 1-2 years ago, are now on the table. Politicians discuss scenarios regarding a Euro exit without even realizing that the discussion of such a thing dampens ALL potential interest for investments, hence growth.

No entrepreneur / investor will risk his hard earned Euros if there is an imminent chance of a Euro exit. So the pointless ideological discussion must stop now. Unless we wish to erase ourselves into oblivion.

What really is needed before the elections is, for once, a realistic and practical discussion of economic reform programs that each party is thinking to apply if elected. If  these programs exist, that is. The theoretical discussion that growth is “good” is pretty useless. And the expectation that growth can come only if the EU wants it, is again providing for a scapegoat in case party economic policies fail.

For growth to come DOMESTIC policies, not EU policies, have to change

And these policies can be in line with the measures needed for the fiscal adjustment required.

Some thoughts in brief. Would love to expand but can discuss individually if requested. Feel free to poke, comment

-Corporate tax of 60% for 2012-2013 for companies with revenues above Eur 200-300m BUT with a promise of  a corporate tax of 10% in all new operations coming from Cap-Ex spent and completed within these two years.

This way the State gets the needed cash now and companies are motivated to move their Cap-Ex forward in order to take advantage of the favorable tax regime - it makes great sense for them NPV wise. This would create new investments hence an increase in hiring.

-Announcement of a flat corporate / individual tax of 15% from 2015 onwards. Experience has shown that when tax rates decrease significantly, the amount of tax revenues/ GDP increases. (Romania, Bulgaria, Cyprus). It leads to an increase in disposable incomes and reduction of the  “black” economy. If by paying 15% you’re “level”,  incentive to cheat on taxes diminishes exponentially. Also positive on the “expectations” front for future investments.

-Bank recapitalization at full force with partial write down/ haircut of household debt (according to income levels and delinquencies)   to increase the disposable income and consumption of the lowest income citizens. Higher disposable income = higher consumption=growth

-Introduction of specific tax regimes by prefecture and industry to spur investments. Why not have a prefecture (example Crete) offering a very low corporate tax for IT/Software start ups and at the same time, link this with the region’s universities for research.

Same for Finance. Do you think that the world’s financiers/ fund managers would prefer to trade from a shady place in Central Europe of from a Greek Island? Take a guess. These enterprises are highly mobile. All it takes is a promise of stability and low taxes.

-Tourism. Both economic and strategic. Offer  cheap land lease for 90+ years to global players, with favourable tax on their cap-ex for high end projects (environmental friendly complexes, marinas, golf courses) and a clause that in return for the cheap lease and low taxes, infrastructure will have to be built by Greek construction companies and that hotel personnel must be at least 70% Greeks. And on a strategic note. Do you think that if  (for example ) Four Seasons has huge investment in a 5 star resort in Lemnos, Turkish aggression will remain as it is? Think about it…

-Education.  Is there a better place to take a degree in Classical Studies, History, or Shipping? Does that mean that private universities will be set up? Yes. It does. Set up ENGLISH speaking courses, pay the best to come and teach here, introduce HIGH academic/ entry standards, high fees for non-Greeks, lower fees for Greeks and scholarships for Greeks who cant afford but are bright enough to attend. Also make a provision for bright students of Greek State universities to have access for their postgraduate studies.  If you manage to pull this, you will have an influx of brain power, as well as foreign students who will also need lodging, transport etc

There are tons of ideas, but people need to take their ideological glasses off.

Right now there are TONS of barrier to entry if you are an entrepreneur in Greece. Red tape, dubious tax regime, obsolete ideologies.

We can talk theories for hours to no avail. We can argue for Keynes or Friedman. At the end of the day these are theories.  Let’s discuss practicalities. Not dogma.

Greek politicians and I’m afraid, many of my compatriots, have to remind themselves that:

“Pennies don't fall from heaven – they have to be earned here on earth.”

May 2012

Greece vs Iceland. Why these two defaults stand a world apart

Lately many articles in the press highlight the success of Iceland following its default and compare it to the situation in Greece. Of course, Iceland has faired pretty well. Lessons should be learned on the way they had handled the crisis.

But let us not forget that the default of Iceland, its economy, demographics and economic structure have very little to do with Greece. The two defaults (or selective defaults) stand a world apart.

The reasons of Iceland’s default were different. Iceland defaulted because the debt of the three largest banks amounted to around 5 or 6 times the country’s GDP. In other words, the banking system was the reason behind the sovereign default.

Iceland was a free market, with relatively low taxes and the Icelanders ranked at the top 10 of the worlds most productive workforce. The default was not a result of an inefficient economic structure. It was the result of an over-leveraged financial sector which when the Lehman crisis knocked the door, it collapsed like a house of cards.

The Icelandic policy makers had to deal with a huge problem. But this problem was relatively contained.

The didn’t have to change the whole economic structure. The just needed to re-start the financial sector and at the same time give breathing space to the citizens. That achieved, the country would eventually stand back to its feet as the structure for growth had been always in place.

Icelandic banks were nationalized, loans were written off, and BECAUSE the economy’s competitiveness was already ranking amongst the top 10 globally, Iceland recovered.  Please note that Iceland is a nation of 318,000 inhabitants (which is about comparable to any medium sized suburb of Athens) and a significant chunk of its energy needs are addressed domestically due to the abundant geothermic energy

In Greece, the reason of default is the OPPOSITE. The sovereign default is BEHIND the bank financial crisis.  The reason of the default is not the over-leveraged financial sector (Greek banks are below average when it comes to that) and the Lehman collapse had a very small affect as the nation’s banks did not have US toxic assets.

The reason for Greece’s default is the Sovereign. The structure of the economy. The fact that the country ranks 56^th out of the 59 countries in the IMD competitiveness scoreboard.  A restart of the financial system is required BUT the most important action that has to be taken is the RESTRUSCTURING of the economy . Structural changes to improve the profile and viability of the Greek state.

Economists argue that if Greece follows Iceland’s path of reforms, Greece will get out of the mess. This is a gross miscalculation in my view. Of course there are lessons that have to be learned fromIceland, and I had argued previously in favor of a bank recapitalization with partial write off of household loans. But if Greece’s economic structure does not change, then the probability of success is very low.

What Greece needs is much more complex. Iceland’s policy makers had one major problem. The clean up of the financial system. This was pretty straight forward.

Greek policy makers have their hands full. They need to change the economic structure, to enhance the entrepreneurial spirit, to reduce bureaucracy, to design a proper tax regime, to balance the social security bills and sort out the financial sector. And at the same time, make sure that the energy needs of the country can be fully met. They need to rise to the occasion. The more they debate on the issue, the more time is lost. And time is of essence.

The country seems to have secured the bail-out despite the rhetoric of EU politicians. Now Greecehas to deliver on a massive economic change program and think of ways to stimulate investment, entrepreneurship and finally growth. Not to appease the EU. But to secure the prospects of its own people.

This Herculean task doesn’t need a semi-god to perform it. It needs focused, knowledgeable individuals who will not give a damn and will not care for the infamous “political cost” a.k.a “state cronyism cost”.

Instead of discussing if the country should keep the Euro or return to the Drachma, the discussion should be HOW to stimulate the economy. Economy is 50% expectations. When Greeks complain  on their own  prospects visualizing an Armageddon in 3 years time, it becomes a self-fulfilling prophecy. Let’s try to stop crying over spilt milk and take a step forward. 

 Dimitris

Greek Bank Recapitalizations: Moral hazards and economic opportunities

Bail out? Yes. But with taxpayers money secured and a rise  in household disposable income.

Here is my view :

The Greek Parliament is set to approve the recapitalization plan for Greek banks, within the following days. The form of the recapitalization is not yet disclosed but according to the preliminary plans some Euro 50bn are set aside for this purpose.

The recapitalization has been put into place in order to support the banking system following the write down of the Hellenic Republic bonds that most of the bank’s hold in their portfolios. The purpose is to ensure the existence of banks within the economy. Without them as financial intermediaries, institutions that transform deposits into loans, the economy cannot function. 

Of course, every time the State proceeds with the recapitalization of private banks , a huge debate on the morality of such an action arises and public debates hit new highs. 

Common sense dictates that banks are private institutions, so when private institutions screw up, there is no reason for taxpayers to contribute to the bill. 

This is a statement that seems hard to object to. It’s perfectly sound.  No argument can stand against it.  And in principal I agree. In private enterprises, the State has no reason to spend a penny for their survival. Taxpayers money is sacred and above all.

So In a situation of a potential bank failure, what is the best solution in order to protect taxpayers money? And my answer is “bank recapitalizations by the State”. It may sound an oxymoron, but allow me to explain.

The recapitalization of banks will secure the deposit base of  citizens. Without it, banks will collapse and, what people will gain from not contributing for their  bail- out will be wiped out as the deposits of the citizens  will be in peril. Moreover, it will result in the absolute absence of credit for some months, leading to company closures and lay offs. The result being a huge spike in unemployment and a severe drop in social security contributions as well as a huge reduction in tax revenues for the state. 

I am not trying to pose a dilemma. On the contrary. I argue that if recapitalizations are done properly, then banks will survive and the economy will be able to function, taxpayers bail out money can be recovered with a PROFIT and disposable incomes for troubled small enterprises and households can rise.  Higher disposable incomes will mean more consumption and growth. How can this be achieved?

As discussed, the EU has put in place a bailout fund of around EUR 50 bn . According to the latest estimates, some Eur 35-40bn will be needed to bail out the banks, as a result of their losses from Greek Bonds. 

I would argue that since a recapitalization takes place, it should be done at full force.  We should put in use that EUR 10-15bn that is “left” from the Bailout Fund. So, in practical terms, the  State should use the whole facility to recapitalize banks, giving the money in return for common shares or preferred shares with a 10% annual yield.

Back in 2008, when the US government spent almost a USD trillion to bail out banks, the arguments were the same. Today, 4 years later, the taxpayers money has been recovered in full, PLUS a profit of around USD 100bn for the State. A profit made by the sale of the bank shares held by the state in the market, following the economic recovery. 

In the case of Greece, a similar bail out should take place. But  the banks should agree to  write off not only their losses from Greek bonds but also loans from troubled households and small enterprises at an average of  30-40% of their face value. 

Imagine if a household is currently paying a monthly mortgage payment of EUR 1500. If this falls to EUR1000 and at the same time the loan’s face value goes down, this household would have an  indirect increase of its disposable income by EUR 500 per month. Same applies to credit cards and all other consumer loans. Should it be done uniformly? In my view, no.  

The debt of higher income households should be written down by no more than 10-15% leaving room for higher cuts (above 50%) for those who are really in deep financial trouble. 

Solidarity should be the name of the game. Not in words but in reality. The result would be an indirect, SUBSTANTIAL, increase in the disposable incomes across the board. The first pillar to return to growth.

We have the money in the bailout fund. Let’s use it properly to save the financial system, make money for taxpayers and increase the disposable incomes of households and SMEs currently in financial trouble.  It’s up to the government. They have to raise up to the occasion and do a proper recapitalization, taking some of the interest burden that citizens currently carry. 

Bailout? Yes. But with issuance of shares, profits for the taxpayer and an increase in disposable incomes. No free rides.

D.

Greece secures 130bn bailout. So what's next

Despite the menacing rhetoric and the continuous threats by EU officials during the past weeks, reason prevailed.  And it was pure reason. 

Many EU economists made headlines these last days, arguing that the Eurozone was now “Ring-fenced” against a potential Greek default and  maybe it was a good time to let Greece go.

I repeat. There  can be NO ring-fence in a sovereign default. Especially when the sovereign is a Eurozone member. In this case, default leads to fear of contagion and panic. These are market FEELINGS and CANNOT be “Ring-Fenced”.  

Politicians may feel “Ring-Fenced”. In reality they are out in the open. The ECB, the IMF and even the IIF knew this. These institutions were in no position to  ignore reality and did what they had to do to avert a sequel of Lehmanesque proportions in the sovereign space. Despite the theatrics of EU politicians. 

The market should expect the theatrics to continue.  After all politicians are interested in “positive media coverage”. The rest of the world is interested in actual results.

So where do we stand now?  Greece got the 2^nd bailout package of EUR130bn. The interest rates of the 1^st package where reduced to Euribor + 150 bps, effectively much lower than the rate at which the average Greek depositor “lends” his bank through deposits. The rate for the 1^st bailout package is below the current financing rate of many of the countries that actually provided the funding. Hence the ECB decided to “swap” its holdings of GGB and give its “profits” to the European central banks. To smoothen the effect.

For the first time the ECB stretches its mandate (creatively) to support the coherence and future of the Eurozone. This should be credited to Monti.  Is this a game changer? YES. Should It be downplayed? NO.

Greece has taken a step back from facing the abyss. The abyss is there and the IMF debt sustainability report is there to remind it. If there is a person that believes that the sustainability report was accidentally “leaked” he or she is dead wrong.

The EU continues to play the old carrot and the stick trick. Greece gets the bail-out, a sustainability report is “leaked” to put things into perspective. What did the report say? That if the measures fail, debt becomes unsustainable. No shit Sherlock. However, it seems to be making all the news today as if Moses came down from the mountain speaking  of the Unheard Truth. Go figure.

The target of a debt/ GDP around 120%  is now in place. Is this achievable?  Maybe yes, maybe no.  Some say that a debt / GDP of 120% is not sustainable. I say it depends. If you run a primary surplus of 5% and the holders of the debt are mainly non-private institutions (ECB/IMF) then it is. 

If you run deficits, then its not.  Has Greece ever run on a primary surplus in the past decade? Yes. Can we do it again? We can try our best. Better to try than to say the easy “it’s impossible”.  And jump into the abyss.

No-one can be certain of how the world will look like in 2020. However, we can be sure of one thing. If the STRUCTURE of the Greek economy remains as it is there is NO way that any of the targets will be achieved. And the abyss looms. The problem in Greece's economy is not numbers. It’s the structure. Painful but it has to change.

People argue that the bail-out terms are hitting growth. Are they? Yes they are. When you plan the reduction of the public sector it means higher unemployment. And 70% of Greece’s GDP is consumption. So a 5% rise in unemployment will lead to a (back of the envelope calculation) 3.5% decrease in GDP. Who’s to blame? I say the Greek politicians of the past many years.

 If during the 1^st bailout package they had effectively reduced the bloated public sector by 80-100k of employees from non-existing state companies  they would have saved the butts of  150k public sector layoffs coming and probably wouldn’t  have taxed the hell out of businesses and individuals – the result of which was another 500k unemployed from the private sector. Is it fair for the people to suffer that much? Hell NO. So Greece must find a way out.

So, what can we do now. Well now we are in a tough spot. But Greece can still make it. 

People argue that the bailout money  is going to go into an escrow account – ie it will be paying only interest expenses hence nothing will come to Greece. Well that’s the glass half empty. Cause if you look at it the other way around, it means that the State budget will be free from earmarking revenues for interest payments – these will be paid by the escrow. So the money saved , and its quite a lot of it, can make a difference. WILL it  make a difference? NO IF the structure of managing this money remains the same.  That's the purpose of the bail out deal. Dont worry about interest payments. Put your house in order. Do people like it ? No. Should it be done? YES. And we should have done it by ourselves YEARS ago. But we were too "happy" to ruin our lifestyle.

Greece has to do an internal revolution to make it. A revolution against its post-1974 past.  To spur investment and enterpreneurship.  Greece CAN do a lot. And at no cost. If you cut the red tape, bring uniformity to corporate rules and practices and provide an efficient and STABLE  tax regime then the country has a chance.  My view? On top of this, a "Marshall" plan should be on the cards. This would be another game changer.

BUT  Greece  needs to REBRAND itself. And the flight of human capital HAS to stop NOW ! This is the major risk that Greece faces. Drainage of young talent. 

But where can we excel? Do we have to become India in terms of wages to be competitive? NO. HELL NO!

This is no nuclear physics, people. Being competitive means offering a better price OR a better quality (or both).  DRACHMA advocates say that it will increase competitiveness. They forget to tell us that these competitive gains will be eaten up by INFLATION!

We CAN compete on quality. We CAN offer BETTER quality.  REAL agriculture of value added products (instead of subsidized low return crops). Premium Tourism. Renewables. Shipping. Technology.   

My personal vision?  On the next poll, when the question “What would you like to do professionally after graduating” pops up,  the answer will no longer  be “a public servant” as it has been  for years,  but rather  “I want to invent the next Twitter”. But is this possible? 

Of course. As long as we WANT it and as long as we don’t brand any potential investor/ enterpreneur as a “Dragon capitalist who came to drink the blood of the poor proletariat”. This was catchy 100 years ago. Not anymore.   But both, politicians and electorate alike must FINALLY understand that the “old” economic model – if there was ever such a thing- is dead.  

All Greeks should  collectively commit to save the future of their country by placing the common “good” ahead of party politics and ideologies of the past century.  Under which banner?  Well there is no credible party banner. I agree. Let’s do it under the Greek banner for once.

If not, then we will be back staring at the abyss, wondering if there is  a “drachma” safety net at the bottom, as all the doom & gloom theorists believe. I am not ready to take that leap of faith into the abyss. Maybe you are…

People keep asking me what is going on in my country, as Greece is under the spotlight for the past months, for all the wrong reasons unfortunately. Newspapers, TV channels , even reality shows ( UK’s “Go Greek for a Week” – or something like that) have become experts on the Greek situation. Of course there is a good reason behind all this. Greece’s public finances are a huge mess. And since Greece is a Eurozone country, the probability of a domino effect stemming from a Greek disaster is significant.

Greece and its people are many times portrayed as 21st century Zorbas’ that never pay taxes, sit down on a beach all day drinking martinis and spending the EU tax money contributed from the other fiscally responsible states within the European Union. Well, this is half the truth.

It is true that for the past 30 years, a system of political cronyism took hold of the country. Political parties, in order to get public support, started spending EU money irresponsibly by creating Public sector jobs – even when there was no need to. In the past 3 decades the population of Greece rose by 16%. The number of public servants rose by 100% and now stands at 780k (out of a population of 10.5m). Public companies are extremely overstaffed on administrative personnel and short on actual technical/ qualified personnel, as political parties used these entities to hire non-qualified staff (prospective voters). All chiefs and no indians.

So yes, I agree. A chunk of the population seems to have had a nice ride! Are you disappointed or angry? WELL I AM MORE THAN YOU ARE.

And the reason is, that the REST of the population that was not attached to the dinosaur State was the one that FUNDED this dislocation by being the ONLY social group that actually paid their taxes! And I am one of them! One of the millions that turn on the television and hear that Greeks are a lazy bunch of free-riders!

I am talking about the middle class, people employed in the private sector that were 100% OK with their taxes (as income tax is withheld at the paycheck), taxes which kept creeping upwards and upwards in order for the State to continue its cronyism. People working 10-14 hours a day not only in a competitive environment, but also PLAGUED by the inefficiency of the Greek State and the bureaucracy,  getting paid 50% of the equivalent salary paid in Germany of France for the same job – but that still had to pay the same in terms of costs of goods with Germany or France.

And when the crisis came what happened? The State decided to continue its cronyism. Instead of reducing the size of the huge public sector to reduce budget deficits, it decided to INCREASE income and consumption taxes. The result? The 800k of public servants may have experienced a reduction in their ridiculous salaries and benefits (which meant that the votes for the Crony State were secured) but the tax attack squeezed the private market – unemployment now stands at 18% - 900k people unemployed and 99% of them is ex private sector employees!

Bottom line? If you have been working for the private sector for 12 hours a day and paid your taxes, social security and everything you prove to be a SUCKER – crisis comes and you’re unemployed. And the people that brought this to the country (the crony state and the public sector) are well and protesting in the streets because they don’t want to have a 10% salary reduction. Are you disgusted? IMAGINE THE AVERAGE GREEK private sector employee!!!

And if you tried to be a private entrepreneur? Ha ! ENTERPRENEURSHIP was vilified. The tax regime changes were VERY often (believe it or not Greece’s tax regime changed almost 100 times within the course of the past 10 years). Private enterprises were seen as a means of getting taxes in order to finance the bloating State. Profit was the “great satan”.

Not only this. Bureaucracy was maddening-and corporate laws were cancelling each other. Let’s assume that someone decided to launch a company. To get a company VAT number from the IRS, the IRS asked for the details of the company’s bank account – BUT to open a company bank account you need VAT number. Try to get around that. And there is more. To rent offices for your company you needed to have a registered company name – BUT to register your company name, you need to have an office lease contract in the name of the company (which is not registered yet!). Go around that too! And I could go on for ages.

So yes, I would encourage people to play that “Go Greek for a Week” kind of reality show. But I would change the game and make the “Greek” the average private sector employee which is the majority of Greeks – not the wise-ass public sector guy.

Someone who is now for example 40 years old and

When he was 18 decided to study abroad as the local university system is in shambles – because the State has made universities into PARTY meetings. He spent 4 years abroad, paying a big sum of money (which his family managed to save for 20 years) to get a proper education.

Someone who came back to fulfill his mandatory military service losing 18 useless months patrolling a forest somewhere in Greece while neglecting his educational/professional skills.

A person that got a first job in the private sector as he was ambitious and energetic (instead for pleading for a public sector job to a congressman). A person that after 10 years of hard work of at least 12-14 hours a day in a highly competitive field managed through his hard work to be making a decent salary. A salary that stands 50% lower than the equivalent French or German counterpart – but has to pay exactly the same amount of money with the French or German to buy a car or a mobile phone or any good for that matter. Not to mention a house – real estate prices jumped 100% in less than 10 years

Someone that for the past 10 years has been paying 35-40% tax on the income and extra taxes on real estate and for return was getting zero services.

Someone who has been paying 17% of social security tax on gross income, KNOWING that he has ZERO chances of a pension as pension funds are bust.

Someone who cannot use public services, ministries, transport, airports, anything public 100 days per year because of striking “public servants”. Where every year the tax cost of his vehicle rises at a CAGR of 25% - insurance cost the same. Where he cannot any more drive safely in many parts of town as illegal immigrants from the middle east are sending crime rates through the roof.

Someone that every time he walks into a super market, he wonders if there is going to be a hold up by the ruthless Eastern Europe gangs that exercise this hobby.

Someone that when the crisis showed up, the State decided to tax him even more, RETROSPECTIVELY on his 2009 (pro crisis) income and introduce new taxes just for him. To save the skin of the public servants

As this someone keeps working to effectively pay the taxes and cope with the expenses of his family, churning away his hard earned life savings to get through the crisis, facing the risk of getting fired and join the other 1,000,000 private sector employees who are now unemployed.

As this guy travels abroad and tries to do business - but doors keep closing from foreign associates who dealt with him FLAWLESSLY for 10 years because “he is operating in Greece and risk is too high now”

As this guy sleeps every night, securing the windows and double checking locks to avoid getting broken into – since crime rates are through the roof.

As this guy sits on his couch to watch a foreign TV channel to avoid the ranting of  ridiculous Greek  politicians in local TV networks - in an effort  to empty his mind and forget his every-day maddening chores - he finds out that he is a Modern time Zorba, drinking martini’s on the beach and spending senselessly the money of his creditors...

Imagine the mood of this guy…