Greece is a small country – accounting for only half of one per cent of the world’s GDP. The significance of Greece is that it is a euro area country, which means two things. First, its adjustment to its predicament cannot involve currency depreciation (unless it were to leave the single currency).
The Third Plenum of the 16th Central Committee of CPC has put forward clearly that “efforts shall be made to establish and improve the social credit system, in a bid to form the social credit system supported by ethics, based on property rights and safeguarded by laws, which constitutes necessary conditions for constructing the modern market system” and that “efforts shall also be made to speed up construction of the corporate and personal credit service system in accordance with the direction of improving laws and rules, operating by franchise, commercial management and specialized services.” Corporate and personal credit is the foundation and core for social credit.