The Greek Tragedy and its Lessons

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菅家正瑞教授定年退職記念号In Honour of Prof. Masamitsu KankeGreek crisis, resulting into Greece's submission to the IMF and the forthcoming social unrest is related to the Global crisis of finance. Money that was sent from the European Commission to build the Greek infrastructure, about 6％ of Greek GDP for the last 30 years, was funneled directly into the pockets of the oligarchy due to high level of corruption in Greece. Greece then fell into the trap of debt due mainly to a financial derivative called Credit-Default Swap. Immediate cause of the crisis are lack of resources in the banks to maintain the credit system flowing so that companies that depend on the banking system can survive. The cause of the problem comes from speculation, as it was the cause for the great depression of 1930s as well. For a long term solution, a National Exchange replacing the stock market is needed, where the companies will be allowed to sell their shares only if they will provide complete information about their business.
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