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Sir you write “Only the Greeks can rebuild Greece”, November 9. I absolutely agree with that, as well with your conclusion that their politicians need “to sell to the Greek people the idea of a future lived within their means, and stop pretending to defend them against heartless foreigners.

But, if only Greeks can rebuild Greece that must also include to put a halt on those nonsensical banks regulations which through the risk-weighted capital requirements, discriminate so much the access to bank credit in favor of “The Infallible” of today, if there is such a thing, and thereby discriminates against “The Risky”, small businesses and entrepreneurs, those that represent so many of the possible infallible of tomorrow.

You seem to think that a recapitalization of Greek banks in terms of a Basel III would suffice to reignite the Greek economy. Forget it! For that to happen, as a minimum, the distortions produced by those regulations which impede the banks from performing with any sort of efficiency their role in allocating economic resources, need to be eliminated.

In other words “The Risky” Greek must be allowed to help rebuilding Greece. And by the way, if you do not want to become just like Greece, that goes for your homeland too.

2012-11-09 19:00:09

Source: http://teawithft.blogspot.com/2012/11/greece-cannot-be-rebuilt-without.html