Dismal and Ideologically biased Appraisal of an Economist about Greece’s Possible Recovery

By Con George-Kotzabasis-May 22, 2013

The Marxistoid professor of economics Yannis Varoufakis (In his keynote speech in the Subversive Festival of Zagreb, Croatia, on 14^th May, 2013, confessed himself to be an “Erratic Marxist”), whom Marx himself would have placed under the category “vulgar marxist” for following the footsteps of the great man erratically and loosely, in a choleric and ideologically tendentious article on his website, argues, that the “The Greek Success Story” is “The latest Orwellian Turn of the Greek Crisis.” All the favorable indices by which the “international press and the money markets seem to concur,” to quote him, that the country is on the road to recovery, are to the professor a contrived fiction and “vile propaganda” by the Samaras government to deceive and fool investors and to inveigle them to make “cheap investments” in the country with the prospect of high profits.

According to Varoufakis’ argument, among the deceived and the fools are not only investors but also renowned credit rating agencies, such as Standard and Poors, and Finch, which have upgraded the Greek state’s credit worthiness and four Greek banks, a number of serious economic commentators who foresee the reigniting of the Greek economy the following year and a growth of 0,6% in 2014 –some indeed write about a “booming” economy in the near future—and a bevy of the best and brightest of the European Commission that praises Greece for its rapid and effective reforms that enhanced its competitiveness. And to top it all, the ‘trickster’ Samaras was even able to deceive the economically astute and hardheaded Chinese and lure them to make investments in the infrastructure of the country and in real estate.

Only Professor Varoufakis is disabused of this deception and remains realistic about the dire prospects of Greece in the midst of this fictional euphoria that was able to entice cerebrally reputable institutions and people to see in this ‘mirage’ a “Greek Success Story.” It is rare to see such arrogant omniscience, of a second rate economist and Marxistoid to boot, attempting to trump all other economists and institutions that on a factual basis prognosticate an economic recovery of Greece.