Tag Archives: Greece

IMF admits disastrous love affair with the euro and apologises for the immolation of Greece


The IMF’s chief Christine Lagarde is presiding over an organisation that is almost out of control

The International Monetary Fund’s top staff misled their own board, made a series of calamitous misjudgments in Greece, became euphoric cheerleaders for the euro project, ignored warning signs of impending crisis, and collectively failed to grasp an elemental concept of currency theory.

This is the lacerating verdict of the IMF’s top watchdog on the fund’s tangled political role in the eurozone debt crisis, the most damaging episode in the history of the Bretton Woods institutions.

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An interview on ”Education reform needed in Greece” September 15, 2003. Relevant today

By Yiannis Papadoyiannis – Kathimerini

drjohn11aDr. John Psarouthakis, a US-based businessman and former professor at the University of Michigan and lecturer at MIT, says the importance of higher education and the minimal interference of government in the economy cannot be overstated. «Without effective higher education, it is very difficult for Greece to achieve economic development and social progress at rates that will accelerate its convergence with the other European Union partners,» he said in an interview with Kathimerini.

“I believe that in the past 12 years my concerns worsened and Greece tried to make up with debt what she could not do competitively—to cover her financial needs with debt instead of a growth economy” John Psarouthakis, October 24, 2015

Psarouthakis expresses concern at the frequency of changes in the Greek education system. «It is odd how easily each minister of education changes crucial elements in the education system, such as examinations or procedures for university entry.» By contrast, in Europe and the USA, where higher education is on the cutting edge of new knowledge, there is stability and ministers function and decide within given frameworks, he notes. The picture at Greek universities is even more disappointing. «In practice, universities in Greece do not have the necessary autonomy, while their structures are based on past eras, which cuts them off from society and its needs.»

The continuous «dialogue» between universities and society is a process of crucial importance. Without it, tertiary education establishments will produce scientists without the training required to work for its further progress. «The inability of higher education institutions to listen to and communicate with society intensifies problems: Graduates cannot be absorbed by the labor market while the country is losing ground in both educational level and competitiveness, holding down its growth rates and undermining convergence.

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