A 🧵:

Greek PM @kmitsotakis wants to return Greece to investment grade, but it’ll take more than a primary surplus. It shld also require showing Greece has an independent judiciary. That #Georgiou is still battling courts to clear his name 13yrs on suggests this is not the case. Georgiou was appointed president of the Greek statistics service in Aug 2010 after it emerged that the Greek government had underreported debt levels and deficits. Georgiou’s calculations showed the country’s deficit was even higher (15.4% of GDP), which was validated by Eurostat

Here’s what really worries me about the main takeaway from the Jackson Hole Fed conference this year (a thread). In many ways, central bankers’ acceptance in Jackson Hole that they are largely impotent in the face of today’s challenges to growth is not surprising. 1/x With rates already so low in most developed countries, borrowing costs have hardly been a constraint on activity. Acc to the NFIB survey, only 2% of small companies say they are having trouble with access to credit--even the small guys are having an easy time borrowing 2/x