“I don’t think any monetary union can work if there isn’t some kind of subsidy to poorer regions,” says Euclid Tsakalotos, a Syriza parliamentarian and an economist at the University of Athens. – Bloomberg
Straight from the horse’s mouth.
The new finance minister, Tsakalotos, believes Greece should be suboridnate to countries which are less poor, ie a client state.
The definition of client state from Wikipedia
A client state is a state that is economically, politically, or militarily subordinate to another more powerful state in international affairs. Types of client states include: satellite state, associated state, puppet state, neo-colony, protectorate, vassal state, and tributary state.
There is no future with the Greek economy if the politicians running the country believe Greece should be sub-servient to countries which are less poor.
That Greeks are not able to have a balanced trade account with the rest of the world.
Can you image Germany saying the country should be dependent on outside help?
And this is the core of Greece’s problems, throughout the history of the modern Greek state the country has been run as a client state of the UK and Europe and this is why the country is poorer than Germany
As I have written many times before, there is no reason why Greece can not have one of the highest GDP per capita in the Eurozone if not the world.
The first step to this is Greeks rejecting any politician who believes Greece should be a client state.