In the end, government inefficiency – that is, not getting things done in a timely manner – contributes to the risk that at some point one or more country-specific economic trains might derail.
It has now been reported that for logistical reasons it is very unlikely Greece will be able to draw down on further bailout funds before the week of November 19 at the earliest, notwithstanding the approval of the Greek Parliament on Wednesday of the austerity measures proposed last Monday. This is said to result from:
Germany insisting that the Greek Parliament first pass its 2013 budget, where the vote by the Greek Parliament is scheduled for Sunday, November 11; and,
a subsequent requirement of some of the Eurozone country contributors (including Germany) that the Parliaments of those countries must vote to approve the advance of further bailout funding.
