Faculty News
In an op-ed, Professor Nicholas Economides argues that a mediocre agreement is better than bankruptcy for Greece
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Excerpt from CNBC -- "What would a good deal contain? Besides the fiscal issues, a good deal should emphasize the microeconomic reforms. It should reduce the huge and inefficient state sector that weighs down on the private sector and the taxpayers. Pensions should become proportional to contributions. The procurement mechanisms of the state should become competitive so that lower prices are achieved and corruption is reduced. Greece should proceed with the privatization of trains, airports, ports, and the energy sector. The "closed sectors" (such as pharmacies) should be opened to competition. The labor market should be liberalized. The business taxes and bureaucratic procedures should be reduced to attract new investment."
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