No mention of the Welfare society that is crippling Greece right now.
He sort of glides over it.
Key fact is what he sticks in up front, in that productivity has not grown in Greece, the “social and demographic conditions”. I.e., the fact that Greeks had massive obstacles and inefficiencies built in to their economic system, inefficiency and corruption throughout the bureaucracy, and the fact that Greeks just aren’t very productive workers vs the Germans.
It is correct in that the Greeks have dug themselves into a hole and there is no way they are going to get themselves out of it under the current rules.
Best to split I think, otherwise it will one way or another be a troublesome un-sovereign dependency.
It appears they have come face to face with the socialist dilemma.