Cracking, if terrifying, analysis from the always-excellent Stephen Lewis at Monument Securities, in which he dissects the latest figures from Greece and argues that the country has no way out, its novel property/electricity tax notwithstanding. In fact, things are rapidly getting worse, with lower tax receipts, a widening fiscal deficit and an economy that is shrinking at 7.3% a year (gulp) in the second quarter. A default is surely only days away.

Here is Lewis’s wickedly cynical payoff:

 It would be wrong to conclude, however, that there has been no progress over the past three years towards developing policies to end the depression.  At least, now, an increasing number of policymakers know that they don’t know how to get out of the mess.  As that ancient Greek, Socrates, taught, recognition of one’s own ignorance is the first step on the road to wisdom.


Ouch

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