Thursday, 3 October 2013

Messing up People, figures and economics data

Figure 1. Quarterly real GDP, SA (billions of 2005 euros) / source

in Greece, we live an escalating tragedy... thousands of people are fired day in, day out, the financial figures are just pathetically bad and they are getting even...worse with the austerity measures.

"It does not take a math genius to observe that its economic situation has worsened since Greece entered into Troika programmes. The economic situation is horrible:
  • GDP has plummeted, and continues to contract to a total of 30% over the last six years of deepening depression (see the figure below).
  • The European Commission forecasted Greek growth of -4.1% for 2013, but it has been -5.5% so far this year according to the IMF.
  • The unemployment rate stands at 27%;
  • Youth unemployment is 57% (yes, that’s fifty-seven, not 5.7).
The financial situation is almost as bad:
  • At the end of 2009, on the eve on the crisis, Greek gross public debt stood at 130% of GDP, now it is 175%.
  • Bank deposits have fallen by 30%, partly fleeing abroad, partly the result of strong dissaving by the population.
  • Nonperforming loans to households and corporations have reached the amazing levels of 25% and 31%, respectively."
 (source: Messing up the next Greek debt relief could endanger the Eurozone)

On top of that, 8 greek Unis (out of 20) have shut down...indefinitely!

, the reason ? it is outlined vividly here...

Table 2: current Data for University of Athens (before and after the  firing 498 people of non-Teaching Personnel).
Before the firing of the 498
After the firing of the 498
Student numbers
Total personnel
Teaching Personnel (TP)
Non-teaching personnel (nTP)
Ratio of Students / TP
Ratio of Students / nTP
TP / nTP

the ratios of students to teaching and non-teaching personnel are 12.68 and 13.76, respectively. There ratios for UoA were (before the firing) 33.27 and 49.12, respectively but after the firing are going to be 33.27 and … 78.29 !
78 students for each member of non teaching personnel: the 2013 version of the “Labours of Hercules” .

Greece needs education and strong universities to face the fiscal crisis and educate and train the young people! But in fact we are doing the opposite. We are committing suicide in a massive scale experiment.

Yannis Zabetakis


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