by Nikos Papadakos

Greek exit from crisis does not represend an internal problem to be resolved into the European Union.

It seems to interest the whole financial world, not only due to the globalisation of the markets but also being an example to be avoided in the future.

Ricardo Salinas published in July 2011, a blog entry entitled "Greek Lessons" where he described the terrible plight and noted that financial discipline is always important, but especially so in the public sector given the danger of excessive government spending.

Four years later, anyone can see that the lesson was not learned.

"The situation in Greece, according to the Mexican founder and owner of Groupo Salinas, is far from improving, has worsened and led Athens to sign a third bailout agreement with still harsher conditions. On September 20, Greece held parliamentary for the second time on the same year election,s that resulted in the re-election of the Syriza, a left party, led by Alexis Tsipras. The election shows that the problem in Greece goes far beyond a fiscal deficit."

"Today, he continuous, the land of Aristotle and Plato is adrift and not finding a road to modernity. The root of the Greek crisis lies in the mindset of an aging nation that is unable to accept the urgent need for deep reform to make the country more competitive."

Mr Salinas believes also that "Greece has a growing preference for protectionism, accruing debt, and over-regulation. Corruption is tolerated, while any measure that promotes competition, innovation, and productivity is viewed with suspicion"

Referring the Greek case many specialists expressed their own opinion.

One of them, the famous economist Dr. Edmund Phelps in a recent article of his, under the title: "The Foundation of Greece's Failed Economy" analyzes clearly the situation in the country and its impact to global markets.

He refutes economists, who blame fiscal austerity for rising unemployment, such as Paul Krugman and Joseph Stiglitz.

In Phelps' opinion, the real problem is that Greek politics are plagued with cronyism and corruption.

For Phelps, two important sources of broad prosperity are blocked by Greece's system.

"One is an abundance of entrepreneurs engaged in detecting and exploiting new economic opportunities. Without them, Greece does a poor job of adjusting to changing circumstances... The other source of broad prosperity is an abundance of business people engaged in conceiving and creating new products and processes."

Phelps also believes, that the solution to the Greek crisis goes far beyond debt reduction and simple fiscal adjustment.

"If young Greeks want to have a future in their country, they need to break with attitudes and institutions characteristic of a pre-modern economy", as Phelps says.