"Bad times, hard times, this is what people keep saying; but let us live well, and times shall be good. We are the times: Such as we are, such are the times."

Monday, 28 December 2009


Never be it said that our European partners and their bankers are always out to get us. Today, the FT cites a tongue-in-cheek discussion  of how our enormous informal economy is the secret growth sector keeping Greece afloat. The originators are none other than Deutsche Bank, in this note.

So how big is the Greek shadow economy? It's 25% of GDP, according to this methodology if I'm not mistaken. It still sounds optimistic to be honest, but that means the shadow economy will grow by a respectable 1.8% this year, against a 1% drop in official GDP.

Which brings to mind the illustrious campaign to end music piracy in Greece:

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