Did anyone notice?
All these ECB, IMF, FED, BoE and more activities to fill holes and bridge gaps, alter accounting rules, invent pseudo-new measurements, install relief valves or boosting pumps, bad banks or stimulation packages - all this will not solve any of the system’s basic failures. It won't make a blind bit of a difference.
If it is not Greece that threatens to face the world’s economies with sudden death it will be any other one of the PIIGS, or Japan, or Belgium, or in fact just name any country; you will hardly fail to hit a “fit for failure” candidate.
What would it take to put a country like Greece back on track (if it ever was on one)?
That's simple: in today’s world it would be a competitive currency that allowed Greece to offer cheap labour; they would have to have low cost energy and affordable commodities at hand; a well-trained, skilled and willing workforce would be next on the wish list to not only fight but win the battles against countries like China, India, Russia…; of course, its domestic infrastructure from roads to collecting taxes would have to be sound and in working condition.
It is a pity that at the same time and just by chance every single one of the fellow countries are on the same trip enhancing the battles even more for exactly the same golden pitchers: labour, energy, commodities: growth for growth sake while facing the limited horizon of what can be stolen from the rest of the crowd.
That’s all daydreaming; in reality we have gone too far into that cul-de-sac that now does not even allow turning.
Carpe diem!