I just returned from a conference in Athens on the Greek economy. Yanis Varoufakis, Greece’s controversial Finance Minister, gave the (almost) final presentation to the 500 attendees making his usual point that Greece is insolvent not illiquid, meaning that its unsustainable debt should be written off (partially at least). While he is surely correct in that assessment, as usual he failed to discuss or even mention the structural reforms Greece needs to make to improve its productivity and thus lift its standard of living, which are also part of the conditions of the existing assistance program with the IMF/EU/ECB. He wants Greece’s creditors to forgive its debts first with reforms (which the new government says it wants to revers to some extent anyway) to come after. As past Greek behavior has destroyed any trust by its creditors and potential investors, the Troika (IMF/EU/ECB) is unlikely to agree to the Minister’s demands. The highlight of the conference was the critic of the Minister’s remarks by Nobel Prize economist Tom Sargent given immediately after and providing the actual concluding remarks for the day.
Here is an article on the conference that includes a short TV interview that I gave on the side. http://fnf-europe.org/2015/05/20/fnf-greece-emergency-economic-summit-for-greece-stirs-up-unprecedented-media-coverage/
A video of the full conference and my presentation with be on the Atlas Network website later. https://www.atlasnetwork.org/news/article/how-greece-can-escape-from-economic-crisis?utm_source=AtlasNetwork+World10%3A+Highlights+from+the+global+freedom+movement&utm_campaign=a14b0b99fb-World10_5_6_15&utm_medium=email&utm_term=0_d4bce382cb-a14b0b99fb-26641201
The paper that I prepared for the conference can be found at: http://works.bepress.com/warren_coats/32/
All the best,