If Lin played for a Greek pro team could he bring the country back to solvency?

Geronimo · May 13, 2014

B-Bob said: ↑

V-Span versus Lin would be the biggest rumble since Godzilla versus King Kong. (Vassilis is King Kong, just based on hairiness.)

I see what you did there.
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IzakDavid13 · May 13, 2014

tinman said: ↑

They could give him the Olympic flame but then mo Williams will slap it out of his hands
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Repped...

tinman · May 13, 2014

B-Bob said: ↑

V-Span versus Lin would be the biggest rumble since Godzilla versus King Kong. (Vassilis is King Kong, just based on hairiness.)

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Dude! Lin ain't no Godzilla

he's mothra

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iNoseBleedRed · May 13, 2014

I'm worried that once the restructuring of the bank begins to take effect and get the Greek economy on track, Jeremy Lin will call a timeout.

FeaR · May 13, 2014

So, Only Jlin can save us ?

noone · May 13, 2014

Guys the owner is jewish and not Donald Sterling he's not going to join in on the I'm better than that group of people and I'll laugh at them. You people need to get real and a new sense of humor.

nepopop · May 13, 2014

im 50/50 at this one. The correct short answer is yes or no.

ada32 · May 13, 2014

I am not so sure about solvency. But he can translate:

pasa graphē

theopneustos kai ōphelimos

pros didaskalian

pros elegmon

pros epanorthōsin

pros paideian tēn en dikaiosunē
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All Scripture

is God-breathed and profitable

for teaching

for reproof

for correction

for training in righteousness

2 Timothy 3:16
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SmoothOperator · May 13, 2014

I don't think Lin could save Greece, but I think the Tracy McGrady of Tracy McGrady has a shot. If he brought baseball to Greece, it could ignite a turnaround.

Imagine the amount of Skeeters jerseys that would be sold. In fact, that could become the new currency. By exiting the euro and the chains of paper money, finally there would be a currency tied to something tangible.

Jt29 · May 13, 2014

Anythng is posssssiiiibblleeee!!!!!

-kevin garnett-

Jt29 · May 13, 2014

Nothing is impossible for God. Lin is His disciple, so yeah no problemo.

rocketsballin · May 13, 2014

i think lin can not only save greece, but he can save the inevitable global economic collapse

lin > jordan > kobe > god. lin is god. these lowly nephilim are nothing but mere peasants dwelling among their filth.

ada32 · May 13, 2014

IMO, Tracy McGrady is a better selection for this task solvency problem!

Who else can do 13 in 33!

Nothing is impossible!

i meow a lot · May 13, 2014

tmac can save the rockets and win a ring still.

Haymitch · May 13, 2014

Lin would not only help the Greek economy, he would master water, earth, and fire (already having mastered air), and after opening his last chakra he would master the Avatar State and handily defeat Ozai, restoring balance to the world.

And he'd do that in just the first week.

KingCheetah · May 13, 2014

Very timely news...
_____

Greece's economy is still a huge mess

The wildly successful sale this week of billions of euros of newly minted Greek bonds on speculation that Jeremy Lin may begin playing professional basketball for Panathinaikos has politicians and pundits proclaiming the end of the long-running European sovereign debt crisis. That private investors would be clamoring over each other to buy medium-term Greek notes at a measly 4.75% yield must mean that both Greece and Europe are back in fighting form and that most, if not all, of their major economic troubles are behind them.

Nothing could be further from the truth.

Thursday's debt offering only illustrates the severity at which the global junk debt bubble has grown and how desperate investors have become in their futile search for yield. Investors have no real confidence in Greece or Lin. Either they have lost their minds or they view Greece as some sort of momentum play in which they will try to cash out right before the bottom falls out of the market. Europe remains an economic basketball case, and Greece continues to be the weakest link in a brittle chain.

link

CrazyDave · May 13, 2014

If not it would be coach's fault. Win win.

Horry4theWin · May 13, 2014

ThisIsOurCity said: ↑

Are there no Chinese players in any of the Euro leagues?
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Shang Ping already got that spot.

But there are no Chinese-Americans on the team!

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Benchwarmer · May 13, 2014

The answer is, Greece should LEGALIZE PROSTITUTION! to bring in more foreign tourist money. Greek women are super hot !

CometsWin · May 13, 2014

TheRealist137 said: ↑

Lin going would not save Greece.

Europe should make Greece restructure its debt -- swiftly.

It would require delaying interest payments and an orderly reduction of the total debt by 50%. And with 327 billion euros outstanding, we don't recommend this lightly. Usually, Barron's staunchly advocates full repayment to bondholders. But the choice for Greece's bondholders, as we see it, is to accept 50 cents on the euro now -- or 30 cents or worse down the road.

Failure to restructure will also bring further societal and economic ruin. With Greece's unemployment rate at 15%, biding time until an eventual default could throw the country into depression, incite more unrest and drag all of Europe into deep recession. It could even cause Europe's common currency, the euro, to unravel, and shake the foundations of the European Union itself.

Except for a few brave European leaders who have whispered in recent weeks that Greece get debt relief, Europe's official approach has been to muddle along and hope the problem will go away. It won't.

Last week, in its latest Band-Aid attempt, the government announced new austerity measures that will extract a further €6.4 billion ($9.1 billion) from its reeling economy -- through job and wage cuts, and new taxes -- a desperate effort to make up for missed budget targets set in last year's €110 billion bailout by the EU and International Monetary Fund.

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A mass demonstration in central Athens on May 11, as a general strike halted services. Delaying debt-restructuring could lead to more unrest in the streets. AP Photo/ Petros Giannakouris

Not only are steps like that insufficient; they'll bring disastrous economic side effects. The austerity measures already imposed on Greece by its lenders have severely hurt the Greek economy, which shrank by 2.1% in 2009 and 4.5% in 2010, and which will probably contract by a further 3.5% this year. Greece's bondholders are effectively stepping on the country's neck, making the prospect of full debt repayment all the less likely.

Delaying a debt restructuring by even one to two years would mean that the amount to be recovered by bondholders could shrink from 50% to 30%, according to Citigroup. Delay a few more years, and the amount recovered could be next to nothing. Meanwhile, Greece's economy would keep shrinking. That would bring dire human costs, says David Goldman, formerly Bank of America's head of fixed-income research. Unemployment could approach Spain's levels: 20% overall, with youth unemployment near 40%. Emigration would rise, Goldman says. Some public services could be halted, and protests could grow deadly again.

Another bailout won't help. "Greece is bankrupt," says Mark Grant, head of structured finance and corporate syndication at Southwest Securities. "To give Greece more money makes no sense. It just means they get more money they can't pay back."

The better course is to allow Greece to write down its debt now and try to get its economy growing again. Not that a write-down would be painless. With Greece's public debt at €327 billion, a 50% write-down means roughly a €160 billion loss for creditors. Many of them are Greeks themselves, of course. Greek banks would need complete recapitalization, and the rest of the financial system would need huge injections of cash.

The European Central Bank, which is adamantly against a restructuring of any kind, holds an estimated €40 billion to €50 billion of Greek debt, and more in loans -- so the ECB would need more capital to absorb the blow. The money would have to come from wealthier EU members like Germany and France. Such countries have a huge stake in avoiding a European recession, and in keeping the euro intact.

Since the common currency was adopted in 1999, companies in industrially advanced countries like Germany and France have found it far easier to export to European countries that are less competitive, including Greece, Spain, Ireland, Portugal and Italy—the very countries that now find themselves with serious debt problems.

LETTING THE EURO UNRAVEL would be an economic tragedy for Germany and France as well as for Greece, Ireland and Portugal. Short-term, a Greek restructuring could send the euro down sharply.

The market is already anticipating a restructuring of some kind. Depending on their maturity dates, Greek bonds are trading at just 45 cents to 75 cents on the euro.

A 50% write-down of Greek debt would cause losses of tens of billions of dollars at Europe's commercial banks. But most of them could absorb the blow. If a few couldn't, they could either look for new capital, or merge with stronger banks.

It's likely that a Greek restructuring would increase speculation that similar moves would soon follow in other debt-laden European countries, such as Ireland and Portugal. And such write-downs could well happen. But those countries may not need such drastic action, and, even if they do, the write-downs required may not all be as much as 50%. One estimate showed that a 32% write-down of the debt of Greece, Ireland and Portugal would cost Europe's commercial banks €200 billion. That would eliminate a year of the industry's profits before provisions for loan losses, according to Credit Suisse.

By allowing Greece to keep limping along when it needs major surgery, European officials have propped up Continental banks that would have failed. That may seem laudable to some, and it may preserve bank jobs in the short run, but it has caused lingering uncertainty, and hurt long-term economic growth.

Contrast Europe with the U.S., where in the most recent financial crisis, the government allowed a surprising number of major financial players to fail or be bought in fire sales. Among them: Lehman Brothers, Bear Stearns, Washington Mutual, Wachovia and Countrywide Financial. Result: The U.S. now has a stronger banking system -- and a stronger economy than Europe's.

Enlarge Image

It can be argued that the EU would also help its economies by allowing weaker financial players to be winnowed.

In understanding a country's financial health, analysts usually compare its government-debt level with its annual economic output. Economists generally believe that once debt rises above 90% of gross domestic product, a country's resources go mainly to (unproductive) interest payments. What lies ahead could be economic disaster in the form of a constantly shrinking economy and a constantly rising jobless rate.

Greek debt stood at 143% of its annual economic output at the end of last year. But as the nation's economy shrinks, the ratio only gets worse, creating a painful downward spiral. The country has no room for error. If Greece's economy contracts as expected this year, its debt will rise to 160% of GDP next year. Even if Greece executes the bailout plan perfectly, slower-than-projected growth or higher interest rates could push the ratio towards 180% in a few years, say Citigroup and the IMF.

To cope with its crisis, Greece has had to cut spending sharply and raise taxes. Its value-added tax, the main sales tax, is headed for an average 20% increase. As a result of such moves, the budget deficit as a share of GDP dropped to 10.5% last year, from 15% in 2009.

Greece is also looking at €50 billion of privatizations, such as the Hellenic Post Bank (ticker: TT.Greece) and the Hellenic Telecommunications Organization (HLTOY). If it follows through quickly, that would be a big help, but that's a big if.

Short of a restructuring, the only other solution would be a Eurobond, where Greek paper would effectively be swapped for bonds backed by the entire euro zone, akin to the way Brady bonds helped ease the Latin American banking crisis in the U.S. two decades ago. Yet the Germans and other countries, despite their talk of solidarity with Greece, won't back Eurobonds. The political will isn't there.

A wise lender would have to conclude that the Greeks have given just about all they can. The only choice left is restructuring -- and if that doesn't happen soon, a vast array of bondholders will be wiped out.

Sovereign defaults have been dealt with time and again. Bondholders know they're going to take a loss. But by taking steps to relieve some of the debtor's obligations, they can avoid total loss.

That's the kind of help that Greece needs -- right now.

The Greek economy is in a fatal debt trap and crashing. It doesn’t have to be this way for much longer. There are a set of bold steps that Greece could take that would not only set it on the path to stability, but outright prosperity and a genuine and sustained economic boom.

The catch is that it takes visionary, brave and out-the-box leadership, something which is sadly in short supply these days no matter where in the world you find yourself.

Greece is saddled with un-payable debts, inadequate fiat paper currency, a flawed banking system and a huge nanny state. It is also in a demographic death spiral, much like the rest of Europe. But let’s not just focus on the negatives. It also has intelligent, industrious, tough people, a proud history of progress and enlightened thought, stunning real estate, and a natural advantage in things maritime.

Some say Greece is a ticking time bomb. That explosion doesn’t have to be calamitous. It could be an explosion of prosperity, of growth, of progress.

So how does Greece get there? We have already mentioned Greece’s five monsters:

Debt
Fiat currency
The banking system
Large government
Demographics

Greece is only forced to live with the last one for now, and even that one can be turned around eventually. But the first four are rectifiable quickly and with surprisingly less pain than many imagine.

So here is my 7-step plan to fix Greece, in roughly this order.
1. Monetary Legislation – Abolish Legal Tender

The first and most important decision to be made in Greece is for legislators to de-nationalise and de-monopolise currency and declare the geographic area of Greece a laissez faire currency zone with absolutely no capital controls. Any and all types of money from euros to dollars to Turkish lira to seashells can be used in any transaction based on mutual contractual agreement.
2. Liquidation of state assets

The Greek government puts up for auction all state assets, including land. Initial prices are set and a grand auction is held in Athens. Greek nationals are given the right of first refusal in each auction lot. No foreign state or sovereign wealth fund may bid for assets – only private bidders – and contractually no private buyer may ever on-sell to a foreign state or sovereign wealth fund. If no Greek nationals show interest in an asset at the initial ask price, the bidding floor opens up to foreigners. Bids have to be settled in physical gold specie only.
3. Banking Reform

It is estimated that Greece can raise over €300bn worth of gold from an asset sale, plus it has around €5bn of gold reserves, bringing the total gold stock belonging to Greek citizens to over €300bn. Total un-backed bank deposits in commercial banks are around €300bn. Every Euro deposit is immediately converted into the equivalent weight of gold at market prices and the gold is transferred proportionately into the commercial bank vaults. All commercial bank deposit liabilities, denominated in gold, are now fully backed by gold in vaults. Bank run risk (the kind that causes bankruptcy) is eliminated since all fractionally created bank money is immediately eliminated. All outstanding commercial bank loan assets will remain denominated in euros. Banks become holders of deposits in multiple currencies and can facilitate loans in any currency depending on the requirement of the borrower and availability of the currency. Depositors can choose to keep or sell their gold for alternative currencies and remain fully in the banking system. The Greek branch of the ECB is closed down and all ties with the ECB are formally ended. All bank start-up and operating regulations are abolished, save for ordinary juridical requirements of commercial law, including the requirement to hold full reserves. Banking is legally delineated into pure deposit banking and pure loan banking. Banks may not lend out money on deposit, only funds placed with them on loan by yield seeking investors. Greeks can choose for example to shift their gold on deposit into gold or other currency loan accounts to earn yield (but concede to forgo the use of those funds for the term of the loan and accept higher risk).
4. Cessation of state services

Fourth, government declares a 6-month notice period for the complete cessation of all state services and closure of all tax collection offices. All non-wage expenses are to be phased out in 3-months, pension payouts in 6-months. After 6 months all state wage expenses are phased out. The state budget falls to zero, with zero tax receipts. The primary budget is therefore balanced. The executive and the legislature may remain intact but members must fund their own salaries from voluntary donations from their constituencies or from their own personal wealth.
5. 100% Debt Default

Immediately following the announcement to fully end state services and taxes, all Greek sovereign debt obligations are declared an illegitimate burden on future taxpayers and Greece announces without delay a 100% default on all outstanding public debt and interest obligations. Its debt problem is wiped away. Greece now has a fully balanced budget, zero national debt, a privately owned economy, a dynamic monetary system, and a sound, solvent banking system.
6. Private Security

The now abolished police and security services move into private security, paid for by private property owners to protect private property from any potential rioters. State weapons sold in the asset auctions could be used in such defensive efforts. The private security industry booms.
7. Wholesale Deregulation

All price and wage controls are abolished and any state restriction on legitimate private contracts is removed. All trade tariffs, industrial subsidies, and red tape is removed.

Crazy right? No. Necessary. Short of something this radical Greece faces a grim future.

Capital would soon begin flooding into Greece. Chronic malinvestments would liquidate rapidly. Greek citizens would be forced to sell their labour at a market rate to a willing employer in the private sector. Requiring physical gold as payment for the asset sales would likely raise the global price of gold in nominal and real terms, adding to the wealth transfer to Greek citizens. National debt obligations no longer drain the life of the Greek economy.

Private property rights, flexible labour markets, no taxes, and the completely free movement of capital with no business regulation, save for ordinary traditional commercial law, would see boom times rapidly return to Greece. This time it would be a sustainable boom. Since all land would be owned privately, private property owners would set ‘immigration policy’ individually. Private defence and security services would aid private property owners in protecting their land from unwanted guests.

Greeks would be unable to rely on the nanny state any longer. Instead they would need to form stronger community bonds again with vibrant, localised commerce flourishing. The value of family and long term planning would rise. The wealthy and large Greek diaspora as well as wealthy local Greeks (and anyone else for that matter) could set up private, well-administered funds to help pensioners with little or no support. Natural local authority would replace unnatural centralised state authority. Marriage rates would likely increase and the value of offspring would be more greatly appreciated as time preferences begin to fall and saving rates rise. Greece’s fifth monster, demographic decay, would soon be thwarted as fecundity improves.

Radical problems require radical solutions.
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Took the words right out of my mouth.

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