Many respected economists expect that Greece will return to global competitiveness only when it ceases to receive aid and frees up its economic energy by reintroducing a domestic currency that can be devalued at any time.
Opposing voices don’t see things very differently, but believe that the almost €240 billion ($271 billion) of bailout loans that Greece has already received will have to be enormously increased before the sun-soaked country can once again establish a favorable position in world markets.
But it seems that no matter who is right, Greece’s return to solvency will not only depend on sound economic decisions. Greece may also lack the skills to implement them.
Top talent is extremely rare.
After finishing 20th of 25 countries in the inaugural Trends in International Mathematics and Science Study in 1995, the country never again participated.