To illustrate, recently a globally active bank has launched a product in India – “Account for Expatriates” – for providing value-added services for the rapidly growing expatriate community in India. This engagement with the global economy has matured into a self reinforcing process as benefits are perceived by many and they are percolating to a large number of people in India.
Again, both before and immediately after the October 2009 election in Greece I warned that the deficit as a percent of GDP could explode to double-digit levels. But my warnings were ignored. Instead, government spending continued to increase. Shocking enough. So why are you optimistic that Premier Samaras will act?