RESEARCH

Hopefully, readers won’t find the comparisons Greek. The European country is a typical example of the ultimate fate socialism and populism meet . India, beware! I n terms of economics, this is the chronology that unfolded in Greece, which the whole news media is talking about today. Greece enters Eurozone in 2001. Unfortunately Europe goes into recession around 2008. Greece being poor, suffers more with 28 per cent unemployment. Being part of Eurozone, Greece can’t print more drachma to reduce its value in international market and make Greek exports attractive. The German-dominated European Central Bank is right for a robust Germany, does not work for a weak Greece. Debt burden on Greece today: 177 per cent of its GDP. Greece must come up with a loan payment of $1.8 billion to the IMF by yesterday, literally — 30 June — to avoid a default. Constant government borrowing to fund promises by politicians causes Greece...

Liberal economic thinker Surjit S Bhalla speaks to me after being cut short during a televised debate T here is a concerted effort on the part of the Congress to project the current NDA government as UPA-3, and the media is playing by its script — well known commentator on economic affairs Surjit S Bhalla believes. His appearance on NDTV on 25 June made him stand out as a panellist who was speaking on technical grounds. Since he was not lent a patient ear, I thought of getting his opinion fully on l’affaire Lalit Modi. This is beyond what is written in his article in The Indian Express that says what Swarajya had said some time ago: Legally, the former IPL commissioner is not a fugitive. There are so many citizens, including otherwise innocent ones, who have been served notices by the Enforcement Directorate (ED); that does not make them criminals or fugitives, Bhalla says. Economist Surjit S Bhalla I began by asking Bhalla why he did not protest on be...