The Greek tourist product in reply to a blogger

Greece has undoubtedly one of the best tourist products available worldwide.

1- Fantastic weather

2-Fantastic beaches

3-Fantastic crystal clear temperate waters

4-One of the richest cultures

5-One of the richest of histories

6-The birth of civilization

7-The birth of education, 

............and so on and so forth. 

Now if you are able to combine these privileges uniquely available to Greece with the local traditions of each periphery one can add unequalled genuine value to the tourist product which then can sell at a premium to the all inclusive product. A product which is identical whether you find it in Greece , Turkey, Croatia ,Spain or wherever its available. So maintaining the all inclusive is not a long term strategy for a country empowered with such abundant riches. It degrades its inherited wealth to the lowest common denominator and transforms what can become a unique experience into a mere cheap commodity. 

If we want to differentiate our product  based on our comparative advantages this, I believe, is the road to our future in Hellenic Tourism. 


Redistributing the socially financed financial gains . A question of equality.

Just a reminder of what I was saying back in June of 2012. Inevitably we are where we are.

This was in response to a Paul Krugman article "Catastrophic Credibility"


Authorities have three choices:

1- Go through many years of austerity and or growth enhancing policies to reduce both deficits and debt to sustainable levels a very long process of perseverance.

2-Central banks abandon their narrow mindedness and allow inflationary EXPECTATIONS (it is this variable expectations, that is important to trigger demand side incentives)

3-Even more importantly design a process to redistribute wealth to households by increasing mortgage debt forgiveness and thus wealth, allowing for increased final demand as net worth and prosperity values rise. 

In summary, it is a function of transferring wealth from creditors to debtors. If this process is not accelerated then it will be imposed by market forces and or political and ultimately social repercussions. This effectively, is what is currently happening in Greece. 

It goes without saying that a combination of all is also another desirable mix.

I speak of mortgage debt forgiveness as my answer was directed to the US economy where the biggest part of household debt were mortgages. It may or may not apply to Greece I do not have the statistics handy. 

And for good order's sake the socially financed gains to save the World  financial system have created the current inequality in the developed economies with the QE programs and excessive liquidity directing investment to stock and bond markets. Isn't it high time for a more equitable distribution?