Wednesday, June 22, 2011

The Amazing (Not) Solution for Greece: Solar Energy

This is just unbelievable, amazing.

Greece has a 110B loan (so far) at 5.2%/year, reduced In March to 4.2%, payable in 7.5 years. If my quick math is correct that's about 40B to 50B in interest alone, and not even touching the 110B principal, and some officials say that the solution for Greece is... solar energy.

EuroIntelligence reprotes that German Finance Minister Wolfgang Schäuble thinks that Greece will be very competitive as a potential exporter of renewable energy in the future!

 “One approach could be to push the Mediterranean countries stronger to participate in our push towards renewable energy, for example with solar energy”, Schäuble told the weekly Die Zeit. “Greece has many more hours of sun per year than we do in Germany and it could export electricity to us. With that the Greek economy would have a competitive and desired export product. Without this and other growth perspectives I would be very hard pressed to burden the German tax payer with the considerable risk of a new (rescue) program (for Greece).”

(This is for after the crisis. But Schäuble has so far not made a single plausible proposal about how to return Greece to sustainability. When he talks about solar energy at a time like this, he tells us that they really clueless.) "

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