Letter From Athens: Greece's Blue Smoke Economy

Greek Finance Minister Yannis Stournaras is wasting his job trying to solve Greece's unsolvable economic crisis: he'd be better off working as a magician, sleight-of-hand artist or on one of those late-night TV infomercials where the barkers persuade people to part with their money in return for abdomen slimmers that don't work, cheap knives that don't cut, or fat-burning bills that are placebos. His best trick though is convincing people Greece's economy is heading toward recovery and a return to the markets next year because it's going to achieve a primary surplus this year. That is, of course, if you don't count the interest on $325 billion in loans, the cost of social security, some military expenditures, and state enterprises and budgets for cities and towns. Under that criteria, I have a primary surplus, if you don't count the money I owe in credit cards, mortgages, loans, and other creditors.

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