High Drama: Greece under the "troika" | 61 comments (61 topical, 0 editorial, 0 hidden)

Greece under the "troika" (4.00 / 2)

Looks like Greece is paving the way for future Enrons.
Sell public entities, reap the whirlwind. I may be able to understand selling chronic problems (as I have had difficulty with some modes of transport in Greece) but things like utilities and public lands should never be sold.

by Upstate NY on Thu Feb 17th, 2011 at 09:18:41 AM EST

Re: Greece under the "troika" (none / 1)

"Never" is, perhaps, going a little far. The government can buy land when it makes sense, and it can sell land when that makes sense.

It shouldn't do so just to please the money markets, though. It should do it (or not do it) if and when it makes social and economic sense. The money markets need to be taught that they are servants, not masters, to the state.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Feb 18th, 2011 at 02:23:24 AM EST
[ Parent ]

Re: Greece under the "troika" (4.00 / 2)

The money markets need to be taught that they are servants, not masters, to the state.

That will only be possible when is clear that the markets are the servants, not the masters. Today, that, along with the whole concept of popular sovereignty, is not so clear.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Feb 18th, 2011 at 10:21:16 AM EST
[ Parent ]

Re: Greece under the "troika" (none / 0)

Can't imagine what kind of economic calculation will make it make sense. This land is three for future generations, so it's hard to calculate that presently, especially since we're talking about beachland in a heavily touristed country.

by Upstate NY on Fri Feb 18th, 2011 at 10:38:40 AM EST
[ Parent ]

Re: Greece under the "troika" (4.00 / 2)

Upstate NY:

Can't imagine what kind of economic calculation will make it make sense.

Replace "economic" with "plunder" and it makes a lot of sense.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman

by Carrie (migeru at eurotrib dot com) on Fri Feb 18th, 2011 at 10:49:47 AM EST
[ Parent ]

Re: Greece under the "troika" (none / 1)

It depends on the plot in question, and the specific circumstances. Most public land is public for excellent reasons - such as being beaches, forests, parks, historical sites or the location of public businesses. Some public land is public just because it used to be the site of a public business, that is no longer judged to be required to run a well-governed state.

Denmark, for instance, has a lot of public land that is public because far-sighted infrastructure planning 50 to 100 years ago left us with a number of rail and road corridors for future use. Usually a number of different routes are available to cover the same connection, so once a route is decided upon, it frees up public land that there is no longer any particularly compelling reason to hang on to (and private land is freed from codes prohibiting development, as well as the risk of having it seized for a transit corridor).

Selling public land or businesses just to sell - or to absorb private fiat currency savings - is silly, of course. Selling in order to release land that the public has no interesting use for... not so much.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Feb 18th, 2011 at 12:11:15 PM EST
[ Parent ]

Re: Greece under the "troika" (none / 1)

Eurointelligence: Berlin opposed to Draghi - and ready to dump Juncker

Bastian on the Troika's privatisation claim for Greece
In a thoughtful article for Kathimerini Jens Sebastian writes that the sharp reaction of Greek government to the troika's public announcement of privatisation targets should not come as a surprise. As the reform agenda is to become much more delicate, focussing on tax increases and structural reforms, the government risks outright refusal among the parties and constituencies. Also in practical terms, it is also not realistic to achieve asset sales in the range of €50bn by 2015. The central government does not yet have a fully operational and transparent property registration system, and land/real estate sales are still subject to controversial valuations.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman

by Carrie (migeru at eurotrib dot com) on Fri Feb 18th, 2011 at 12:21:01 PM EST
[ Parent ]

High Drama: Greece under the "troika" | 61 comments (61 topical, 0 editorial, 0 hidden)

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