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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 1 ton of paper saves 17 mature trees, 7,000 gallons of water, 3 cubic yards of landfill space, 2 barrels of oil, and 4000 kilowatt hours of electricity; this is enough energy to power the average North American home for 5 months?

that the Boeotian Hesiod about 3000 years ago theorized on the entrepreneurship typical of the market (an early laissez-faire), identifying the effects of government debasement of the coinage, which causes a decrease in its purchasing power (think Adam Smith, Keynes and post Keynes), arguing about the importance of competition and the importance of justice and the law in order to foster order and harmony in society?

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

that Pytheas has presence in 41 countries?

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 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?

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 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?

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