A call for real reform in Greece

Edward P. Joseph, a senior fellow at the Johns Hopkins Center for Transatlantic Relations, co-authored, along with European University Institute professor Anna Triandafyllidou, a New York Times op-ed calling for true national reform in Greece, beyond austerity and debt relief.

The truth is that Greece is not only broke, it is broken. "Uncompetitive" does not describe the pathology of the Greek economy. It is a myriad of small businesses, unproductive subsidies, inflated state contracts, and Byzantine regulations seemingly designed to inhibit productivity. In the past, it was sustained by tourism, olives, and other small-scale produce, and, of course, loans—which have evaporated. Real relief for Greeks can only come from foreign investment, not loans and not debt relief. And few will invest in Greece without real reform. Indeed, some of Greece's most successful companies are fleeing the country.

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