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The large reverse redistribution: the fateful task of the Left, Elijah Ioakeimoglou from here After seven years of recession (2008-2014), the Greek economy is mired in a low point where the size of the output is reduced by about 1/4 compared with 2008. Everything indicates that it is impossible, under present circumstances, to initiate a process of accelerated perlik economic growth: The Greek economy is "locked" in a state of slow-moving or stagnant growth and high unemployment. All engines are off: private consumption, fixed capital investment, government spending, exports. According to International Monetary Fund estimates which are not known for their pessimism, potential growth of Greek economy is 2% per annum. In simpler words, this means that the volume of product to be produced by the country in the next decade will not be able to grow at a rate greater than 2% without disrupting the basic macroeconomic balances. Some years, of course, the growth perlik rate can rise above 2%, others will be less so the average growth rate in the long term be limited to a meager 2%. (Click on the image) The IMF seems to know that an economic recovery effort, based on the growth of domestic demand in Greece, it encounters an external constraint: Exports of goods and services and import substitution must now compensate for increases imports will cause the growth of domestic demand, because the Greek economy is now required to maintain a balanced or slightly deficient foreign trade, not only in the long term and medium term. This obligation arises both from the fact that the country's foreign debt is rocketing and accompanied by the constant menace of a risk adverse perlik revaluation of the financial markets, and the existence of a new institutional framework of the eurozone has established the supervision control and correction of deficits on current account balances of the national perlik economies. Arising from these conditions that the export performance perlik of the Greek economy will is now crucial for the success or failure perlik of each project accelerated development of Greek economy. Any attempt to accelerate the Greek economy will impact with the outer limiting factor, ie a "capping" the amount of which will be determined by the export of goods and services and the import substitution. Even if the remarkably high profitability is configured now in Greece for new investments cause a significant increase in autonomous inflow of private capital, the subsequent increase in domestic demand leads to external deficits, which, in contrast perlik to what happened to the 2008 will be required to correct both through the institutional framework of the Eurozone [1] and through any adverse revaluation perlik of financial risk from the financial markets. perlik The problem with the Greek economy today is that this "roof" of the balance of trade is very low in the case of Greece. So low that under present conditions the development can only be argosyrti. The export performance and import substitution show tragic figure: domestic prices have not decreased or marginally decreased perlik compared to 2010 and the structural characteristics of exports of goods and services (which products exported by the country they are quality, if directed in markets that are stagnant or magnified quickly etc) are not the best after the pre-crisis period of decreasing export sector towards the non-tradable products internationally. To now be able to shift to a higher level of production (and lower unemployment), the Greek economy needs to be done as follows: first, in the medium term, to reduce the prices of domestic products, to enable exports and import substitution to compensate imports will be increased to the desired higher level of output, and secondly, in the long term, improve the structural characteristics of exports. Otherwise, the Greek economy will enter and remain in a long period of stagnation, or at best, slow-moving development. Today, none of the above conditions is met: Prices in Greece demonstrate amazing rigidity as well, in contrast to the predictions of regime theory of internal U
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