Study after study has shown that the biggest obstacles to competitiveness in Greece are the oversized state, the large amount of red tape, and the great number of other hinderances that tend to dog anyone who is interested in investing in the local economy.
That said, it?s sad to see that the coalition government in Athens, under pressure from our international creditors, is slashing wages in an effort to bolster the country?s paltry competitiveness at a time when the sclerotic and corrupt public administration and legislation remain incredibly hostile to entrepreneurship.
However, the government of Prime Minister Lucas Papademos must move to fix the shortcomings in the above areas before the debt-wracked country can pull itself out of the current economic misery and return to a path of growth.
In the words of one local oil producer with very strong exports, ?the only thing that we want from the Greek state is for it to keep out of our way and not create problems.?