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Higher productivity requires reforms of Original Life Is Better In Flip Flops With Beer Shirt labour markets and the opening of the domestic economy to more competition. Greece only has a small window of opportunity. With the economy set to contract next year and stagnate the following year, the debt to GDP ratio will rise dramatically. The IMF estimates that it will jump to 134% by 2014. In reality, it looks like being much higher than this. And once the deficit reaches such a level it is hard to prevent it rising further because of the rising burden of interest payments. Greece cannot finance deficits of this size domestically. It has to attract funding from abroad.

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This will become increasingly difficult if Original Life Is Better In Flip Flops With Beer Shirts investors believe. The economy will be stuck in a cycle of very weak economic growth and rising public debt. Investors will lose faith in the ability of the Greek government to service its debts. Many Greeks appear to believe that the eurozone as a whole would step in to prevent a debt crisis. They are probably right, but this would not be cost free. Assistance would be provided only in return for a commitment to reform the economy and cut public spending.

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