Weeks away from defaulting on their debt, Greek politicians promised the International Monetary Fund and the European Union that they would cut spending in exchange for a bailout. But politicians are politicians. They can’t stop spending. Now the Prime Minister has a new idea on how to save Greece: Government subsidies for “green” energy.
“The focus on green economy is no longer just a case of sensitivity towards the environment, but an issue of creating a sustainable economy also,” Papandreou told the 3rd Climate and Energy Security Summit for Southeast Europe and the Mediterranean…
Now the Greek government will spend more for everything from solar panels to home energy conservation:
Minister of Environment, Energy and Climate Change Tina Birbili announced the subsidization of photovoltaic installations and the connection of the subsidy with the guaranteed price of kilowatt for solar energy.
In addition, the program to upgrade the energy efficiency of buildings is progressing, that is to be followed by an energy conservation program in homes, with subsidies for making structural improvements.
In the same breath, the Greek Prime Minister also blasts speculators:
“[C]loser international cooperation is needed to develop forward-thinking energy policies, as well as face the speculators who now attack Southern European countries.”
Speculators – people who invest their own, not taxpayers’, money – see that his silly policies do harm. And they see that the World Bank ranks Greece 109th, behind Egypt, Ethiopia and Lebanon, in business friendliness. No wonder the Prime Minister doesn’t like speculators.
Unfortunately for Greece, and probably America too, polls show that the people don’t get it, either: 55 percent oppose cutting government spending.
I hope Americans are smarter.
That the leader of a bankrupt country thinks he should spend more to “go green” says a lot a lot about the power of the Green myth. I’ll cover than on my FBN show Thursday.