For a commodities based money supply to be successful in any country it’s economy cannot run a trade deficit for long periods of time, otherwise all of the commodities will leave the country leaving the currency worthless, which is where we are now some would say with the fiat currencies in the Western World.
Greece is no different. If it wants to be a credible economy the government needs to start looking at how to make the country more competitive against other countries so businesses will want to set up in Greece. And Specifically companies that manufacture and want to export.
How can this be done? Lower taxes and lower bureaucracy that is what business want.
So what has been going on in Greece over the last 2 years. The opposite, higher taxes and more paperwork, you cannot make this stuff up.
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