Yanis, Since Greece cannot print money like the US, the traditional path to prosperity through continued negotiations with the "Troika" is quite limited for Greece without new sources of currency. I suggest not making the reform of internal pension and banking policies dependent on a comprehensive restructuring deal with the Eurozone since it will not come the way you want it too under the present circumstances. Instead, shop the world capital markets and bring Larry Summers with you to see who is willing to purchase your outstanding soverign debt (at a likley discount to face value) with the least number of strings attached so you can implement your internal pension and banking reform plans on your terms. The discount will roughly equate to the first round of QE you will need the Troika to agree to cover with new capital. Reforming pension and banking programs now will open up Greece to this potential source of funding as entreprenurial capital is always seeking an opportunity for reasonable returns. Think of it as "Crowd Funding" on a rather large scale. Don't forget to register your offering with the SEC here in the US. Under US Financial Regulatory Reform Rules, the vehicle would still be considered a Security Instrument. With the recent interest and level of investment in some of the Greek Money Center Banks from Global Private Equity Funds and Asset Management Firms, you have a bigger opportunity here than you might otherwise think. By raising capital from the Gobal Equity Firms and Asset Management firms, you would be able to fashion your own version of the Treasury here in the US and commence a "swap" of new instruments to swap the ailing commercial bank debts on existing Greek real estate which is now non-performing and slowing down the velocity of money within the country. This form of self-help will allow the commercial debt markets to restart themselves, albeit it at lower debt levels. To cover shortfalls, include provisions in your work-out with the Eurozone that they will also agree to allow you to assign to the Troika the bad bank debt that Greece will take back through this swap process and get to agree to hold it indefinitely. This will then become the second bit of negotiation with the Troika to enable this second round of QE funding since you will then have more Euros to inject into the Greek banking system to 1) stabilize the banks and 2) commence conservative lending programs. This is essentially what the US has done to avoid radical currency devaluations which remains the essential unanswered question as to how sustainable the current US recovery really is. But again, if need be, we in the US can commence another round of QE if the capital impellers begin again to slow in 2015. Currency creation is the oxygen that any engine needs to run when the capital environment is clogged with too much carbon dioxide as was the situation in the US not too long ago and remains so in Greece today. Of course, the carbon dioxide is bottled up on the Fed's balance sheet but that is a discusson for another day. If Greece can assume the role of the Treasury for the Eurozone and convince the Troika to play the role of the Federal Reserve to allow the first round of Euro QE to deploy in Greece as a pilot program, then I think you have won a real victory for Greece and perhaps enabled the Euro to survive along side the Dollar as a "managed" global currency. This is the model of "deficit spending" which has been the main fiscal/monetary tool of the US Economy Policy as envisioned by Hamilton and then implemented during the turn of the last century by Morgan, Brown Brothers, Kuhn-Loeb and Seligman following successive crashes. We haven't eliminated the crashes, but we have found a way to deal with them so the economy at large remains a viable social and financial benefit to the population at large an a smallish group of capitalists who underwrite the venture.



New economy businesses are needed in Greece along with the educational resouces to allow Greece to compete with China, Japan, the US, Germany and India in getting it share of tech, manufacturing and entertainment jobs which should help to replace the sectors currently loosing employment due to global changes in trade patterns, ie internet. So a wirelessly connected country should be added to the list of items that should get priority funding for the first round of QE mentioned above. Data is the fuel that when combined with Currency in the economic engine of Greece creates profit potential which can then catalyze the carbon dioxide (debt) in your system. Focus on creating automotive, high-tech and entertainment industries in Greece to start.



Hope this helps provide the perspective you may be lacking and the tools needed to finalize your negotiations on behalf of the Greek people. Reach out of you need/want any clarifications.