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The long overdue emergency loan for Greece is finally announced… Although there is no agreement yet about the overall amount of money to be disbursed, it is expected that the total figure will be more than €40bn at a 5% interest rate. Additionally, the European Central Bank decided last week to prolong the exceptional collateral regime, which allows banks that own Greek bonds to exchange their assets for cheap central bank funds – a significant announcement that will provide Greece and its creditors with breathing space.

But is it enough? Is it a coherent policy? Will it hold off insolvency?

The adjustment effort Greece is asked to make will be one of the largest in history. But unlike other countries that made a similar effort in the past, Greece cannot devalue; it faces a much more challenging global environment; it has a weak fiscal infrastructure; a low consensus in society in favor of deep reforms; and a fragile financial system.

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Did you know?

that Confucius about 2,500 years ago argued that the government should not compete for profit with the people, as it would only result to the exploitation of the population?

that recycling steel saves 75% of the energy that would be used to create steel from raw materials, enough to power 18 million homes?

that the revenue that is generated from gambling is more than the revenue derived from movies, cruse ships, recorded music, theme parks and spectator sports combined?

that Pytheas has presence in 41 countries?

that 1 recycled tin would save enough energy to power a television for 3 hours; 1 recycled glass bottle would save enough energy to power a computer for 25 minutes; 1 recycled plastic bottle would save enough energy to power a 60-watt light bulb for 3 hours?

that every year, Americans buy more than 100 million cell phones, yet fewer than 20% of old cell phones are recycled and that recycling just a million cell phones reduces greenhouse gas emissions equal to removing 1,368 cars off the road for a full year?

that of all the restaurants that are opened, 90% of them fail in the first year and of the remaining ones that survive, 90% of those fail in the second year?

that Pytheas the ancient Greek explorer, mathematician, astronomer and navigator must have travelled to the American continent at the time of Alexander the Great?

that Pytheas through its Soil Water + Life Solutions is probably the only entity world wide that can provide a-no-chimney-no-landfill-solution for the treatment of municipal solid and liquid waste?

that in a lifetime the average European or North American will discard more than 600 times his or her adult weight in garbage and about a ton of trash per person per year?

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