Going for really broke

This morning, the Financial Times reports that even if the agreement is passed by the Greek Parliament, the matter of insolvency is hardly resolved. Independent research suggests, however, that Greece will struggle to raise much more than a quarter of the €50bn it needs from the assets sales and privatisations unless it adds more prime land and cultural heritage to its sales list.  Ominously, just what exactly and specifically does "cultural heritage" mean?  How does one sell the asset of something that is a "cultural heritage"?  I rather doubt that Disney is going to purchase the Parthenon and move it marble block by marble block to Orlando as part of a new Greece exhibit at the EPOCT world heritage show case.  Regardless it does not sound good. The press has deliberately chosen to ignore how Greece got here and why they are having such troubles.  Sure, the press (and the Greeks themselves) have already laid the blame at banks, and politicians and to be...(Read Full Post)