Greek NPL’s: Is there light at the end of the tunnel?

Dr. Periklis Gogas Associate Professor

 

Dimitrios Karagiozis

Ph.D. Candidate

Department of Economics Democritus University of Thrace, Greece

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The year 2018 is a milestone for Greece, as it moves towards to the completion of the third economic adjustment program. That means that after the official end of the program in August 2018, Greece must take fate into its own hands, and try to borrow from the markets to meet its future debt obligations. As the country leaves behind the 8-year long memorandum era, the two main concerns for the Greek government and the banking sector are: a) a decision on the debt relief measures that should follow and b) a solution to the Non-Performing Loans (NPL’s) problem.

The International Monetary Fund openly declares what anyone with basic training in economics can see: Greece requires substantial debt relief from its European partners to restore debt sustainability. The main issue here is that the resolution of this problem mainly depends on political decisions from Greece’s EU partners that are hard to sell to their voters-tax payers. This is of outmost importance for the medium to long term stability of the Greek economy. On the other hand, the NPL’s problem is urgent and imperative.

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It’s Not a Sin to Get Your Hands Dirty

David ColeDr. David Cole is the Chairman of AutoHarvest (autoharvest.org), a web based tool to accelerate innovation in the auto industry. Dr. Cole is Chairman Emeritus of the Center for Automotive Research and a former Professor of Engineering at the University of Michigan where he taught courses related to the automotive field for over 25 years. He is a fellow of the Society of Automotive Engineers, Engineering Society of Detroit and Society of Manufacturing Engineers and was recently elected to the Automotive Hall of Fame.

One of the great challenges facing our economy today and into the future is the availability of an appropriately educated and skilled workforce. In a Wall Street Journal article on Ft. Wayne, Indiana we saw a snap-shot of a broader national issue: the shortage of talent in manufacturing regions. In Ft. Wayne they have high unemployment and a large number of job openings suggesting a mismatch between the needs and skills available. In fact one of the most severe shortages is for skilled trades and technicians, skills that are taught in a local community college. The community college in Ft. Wayne was using only about 70% of its capacity to educate young people in these disciplines.

In Michigan, at a recent Summit on Jobs organized by the governor, the number one shortage of talent in Michigan was skilled trades and technicians. In second place were engineers with mechanical/electrical abilities. One important fact about both of these is that you have to “get your hands dirty”. Another way of looking at it is that it doesn’t necessarily mean getting oil and grime on your hands and clothes but you really must know how things work and have a deep understanding of how things work in the real world of manufacturing.

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