…as shown in the last paragraph of Goldman Sach΄s March 9th analysis on Greek PSI: “Drilling deeper into the different components of our indicator, Greece ranks high in infrastructure scores, education and life expectancy (public health). However, an unfriendly environment for investment, a low degree of openness and a low ranking in the rule of law categories constitute the key factors limiting Greece’s growth potential and are thus in need of significant improvement.”
The tragedy lies in the assumption that a structural adjustment program such as the one Greece is going through will somehow fix the latter (business environment) while leaving the former (education, health, infrastructure) as is.
The facts, however, say otherwise: Greek school year started in September and by now (March) some schools still haven't received textbooks, relying on photocopies instead. Increasing numbers of people are no longer covered by the health system, seeking help from humanitarian organisations that used to cater to immigrants. And infrastructure has suffered four rounds public investment program cutbacks, plus a new commitment to the troika for a further EUR400 million cut.