They tell me under this island is Europe's richest deposits of oil and gas, the Chinese Prime Minister visited this month, and the government here are getting paid to allow the Syrian Chemical weapons arsenal to be poured into the sea just off the North Western coast... Exactly why is this Doctor serving me coffee earning a little over 400 euro per month (£320 approx.) in the process? She can't answer that one either.
Greece's impressive external rebalancing has culminated in the current-account deficit narrowing to 2.9% of GDP in 2012 from almost 15% in 2008. However, this process has mainly relied on a collapse in imports as a result of an ongoing sharp contraction in domestic demand, driven by fiscal austerity.
The IMF has reached an agreement to reduce Greece's public debt to below 110% of GDP by 2022 and to ensure its repayment. The compromise avoids the need for a haircut on Greek debt held by eurozone governments in the short term. However, the deal, if implemented successfully, exhausts most options available to reduce Greek debt other than an outright write-down of Greek government debt.