The experts on Greece are back – but they should remain silent

This is the (updated) translation of an article that was issued January 28, 2015 on flassbeck-economics. We intend to publish one article in English every week to allow more readers to follow closely our analysis of global and European events.

Once again, we face the wonderful situation where German policy-makers and the international media are full of ‘good’ advice for Greece. We heard it all many times before. Everyone who has ever set a foot on a Greek island as a tourist knows perfectly well what went wrong there for several decades and cannot stop talking loudly about it: Widespread corruption, inept Greek bureaucracy, lack of land registration and, last but not least, massive tax evasion. All these “experts” know perfectly well that Greece will never function in a rational manner and that it will continue to make trouble in Europe due to all these deficiencies.

I have given economic policy advice to foreign governments for half of my professional career. In doing so, I always followed a simple maxim: do not address issues that you do not understand better than the people you address. Also, refrain yourself from dealing with matters that no one comprehends except the insiders of the country in question. [...]

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