Greece’s Economy Is a Lesson for Republicans in the U.S.

[Silhouette]

WHY IS THIS THREAD ALLOWED TO STAY IN POLITICS WHILE THIS THREAD IS NOT??? Greece Europe Energy Russia Problem s Solved. You re Welcome. US Message Board - Political Discussion Forum

To keep from looking subjective or arbitrary, I ask the moderators here, because they aren't apparently listening on the forum for complaints, to either move this thread into the "Europe" forums like they did mine the other day, or move my thread back to politics...standing on it's own and not merged.

My topic is about potential solutions and re-stablization of Greece and by extension our allies in Europe. It couldn't be a more contemporary/politcal thread worthy of the main board if you distilled it into a fine liqueur.

 

[DrDoomNGloom]

It's not what you think it is

Greece is a faraway country with an economy roughly the size of greater Miami, so America has very little direct stake in its ongoing disaster. To the extent that Greece matters to us, it’s mainly about geopolitics: By poisoning relations among Europe’s democracies, the Greek crisis risks depriving the United States of crucial allies.

But Greece has nonetheless played an outsized role in U.S. political debate, as a symbol of the terrible things that will supposedly happen — any day now — unless we stop helping the less fortunate and printing money to fight unemployment. And Greece does indeed offer important lessons to the rest of us. But they’re not the lessons you think, and the people most likely to deliver a Greek-style economic disaster here in America are the very people who love to use Greece as a boogeyman.

To understand the real lessons of Greece, you need to be aware of two crucial points.

Paul Krugman[/paste:font]
Macroeconomics, trade, health care, social policy and politics.

• Ending Greece’s BleedingJUL 5
• Europe’s Many Economic DisastersJUL 3
• Greece Over the BrinkJUN 29
• Hooray for ObamacareJUN 25
• Slavery’s Long ShadowJUN 22

See More »

The first is that the “We’re Greece!” crowd has a truly remarkable track record when it comes to economic forecasting: They’ve been wrong about everything, year after year, but refuse to learn from their mistakes. The people now saying that Greece offers an object lesson in the dangers of government debt, and that America is headed down the same road, are the same people who predicted soaring interest rates and runaway inflation in 2010; then, when it didn’t happen, they predicted soaring rates and runaway inflation in 2011; then, well, you get the picture.

The second is that the story you’ve heard about Greece — that it borrowed too much, and its excessive debt led to the current crisis — is seriously incomplete. Greece did indeed run up too much debt (with a lot of help from irresponsible lenders). But its debt, while high, wasn’t that high by historical standards. What turned Greek debt troubles into catastrophe was Greece’s inability, thanks to the euro, to do what countries with large debts usually do: impose fiscal austerity, yes, but offset it with easy money.

Consider Greece’s situation at the end of 2009, when its debt crisis burst into the open. At that point Greek government debt was near 130 percent of gross domestic product, which is definitely a big number. But it’s by no means unprecedented. As it happens, Greece’s debt ratio in 2009 was about the same as America’s in 1946, just after the war. And Britain’s debt ratio in 1946 was twice as high.

Today, however, Greek debt is over 170 percent of G.D.P. and still rising. Is that because Greece just kept on borrowing? Actually, no — Greek debt is up only 6 percent since 2009, although that’s partly because it received some debt relief in 2012. The main point, however, is that the ratio of debt to G.D.P. is up because G.D.P. is down by more than 20 percent. And why is GDP down? Largely because of the austerity measures Greece’s creditors forced it to impose.

Does this mean that austerity is always self-defeating? No, there are cases — for example, Canada in the 1990s — of countries that slashed their debt while maintaining growth and reducing unemployment. But if you look at how they managed this, it involved combining fiscal austerity with easy money: Canada in the ’90s drastically reduced interest rates, encouraging private spending, while allowing its currency to depreciate, encouraging exports.
Greece, unfortunately, no longer had its own currency when it was forced into drastic fiscal retrenchment. The result was an economic implosion that ended up making the debt problem even worse. Greece’s formula for disaster, in other words, didn’t just involve austerity; it involved the toxic combination of austerity with hard money.

So who wants to impose that kind of toxic policy mix on America? The answer is, most of the Republican Party.

On one side, just about everyone in the G.O.P. demands that we reduce government spending, especially aid to lower-income families. (They also, of course, want to reduce taxes on the rich — but that wouldn’t do much to boost demand for U.S. products.)

On the other side, leading Republicans like Representative Paul Ryan incessantly attack the Federal Reserve for its efforts to boost the economy, delivering solemn lectures on the evils of “debasing” the dollar — when the main difference between the effects of austerity in Canada and in Greece was precisely that Canada could “debase” its currency, while Greece couldn’t. Oh, and many Republicans hanker for a return to the gold standard, which would effectively put us into a euro-like straitjacket.

http://www.nytimes.com/2015/07/10/o...-a-lesson-for-republicans-in-the-us.html?_r=0

What turned Greek debt troubles into catastrophe was Greece’s inability, thanks to the euro, to do what countries with large debts usually do: impose fiscal austerity, yes, but offset it with easy money.
If your government spends 59% of GDP, you're doing your austerity wrong.

On one side, just about everyone in the G.O.P. demands that we reduce government spending, especially aid to lower-income families. (They also, of course, want to reduce taxes on the rich — but that wouldn’t do much to boost demand for U.S. products.)

Greece wants to increase welfare and pension payments and raise taxes.
That's a great way to increase domestic production and employment. Not!

Err, the problem with greece was mainly tax evasion/the retirement problem, other "welfare" states are doing amazing.

Nada, why is Greece considered a high income country??

Greece
Income level High income: OECD
GDP (current US$)
$237.6 billion 2014
Population, total
10.96 million 2014

Greece Data

 

[DrDoomNGloom]

Cato At Liberty

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June 29, 2015 8:28AM
Greece: A Financial Zombie State
By Steve H. Hanke


Banks in Greece will not open their doors Monday morning. Greece has been moving towards this dramatic final act ever since it was allowed to enter the Eurozone with cooked fiscal accounts in January 2001 – two years after the euro was launched. One Greek government after another embraced the idea that it did not have to rein in fiscal expenditures to match revenues because Brussels would cover any shortfalls. That idea appeared to have worked, until other members of the Eurozone realized that the entire European project would fall apart if it became a transfer union.

This realization was brought into sharp focus by the bailout demands of Prime Minister Alexis Tsipras and his left-wing coalition government. Brussels finally realized that if the demands of the Tsipras government (read: Europeans must pay for Athens’ largesse) were met, the Eurozone would morph into a giant moral hazard zone. So, Brussels was forced to throw down the gauntlet: enough is enough.

Where does Athens go from here? Well, to quote former President George W. Bush, as he observed the unfolding financial crisis in 2008: “If money doesn’t loosen up, this sucker could go down.” Well, “W” had a point. Changes in the money supply, broadly determined, cause changes in nominal national income and the price level.

Since October 2008, until the Syriza party took power, the broad measure of the Greek money supply (M3) contracted at an annual rate of just over 6%. And as night follows day, the economy collapsed, shrinking by over 25% since the crisis of 2008.

Since the Tsipras government took the helm, the monetary contraction in Greece has accelerated. This means that a Greek depression of even greater magnitude is already baked in the cake.

And that’s not all. It is going to get worse. The total money supply (M3) can be broken down into its state money and bank money components. State money is the high-powered money (the so-called monetary base) that is produced by central banks. Bank money is produced by commercial banks through deposit creation. Contrary to what most people think, bank money is much more important than state money. In Greece, for example, bank money makes up just over 84% of the total money (M3) supply.

With banks so wounded, Greece is destined to become a financial zombie state.

 

[bripat9643]

Good On You, Greece—–But Don’t Waver Now


After generations of fiscal profligacy the Greek government should not worry about re-entering the capital markets at any time soon. It should resign itself to running primary budget surpluses for the indefinite future based on whatever domestic political consensus it can cobble together on the matter of taxation, pension reform, divestiture of state assets and weaning its crony capitalist leeches and special interest groups from their stranglehold on the Greek state’s depleted coffers.

The right of the citizens to keep and bear arms has justly been considered, as the palladium of the liberties of a republic; since it offers a strong moral check against the usurpation and arbitrary power of rulers; and will generally, even if these are successful in the first instance, enable the people to resist and triumph over them.

Joseph Story
Supreme Court Justice

In this day and age, if they come after you, it will be with drones. You won't even see it coming. Besides, if anyone wants an armed insurrection, it's the right wing. And what will be their goal? Freedom of Religion DOESN'T mean Freedom FROM Religion. And a return to the Feudal system. Only they will be called the serfs and the rich or as Republicans call them, the "job CREATORS".

THE ONES WHO WANT AN ARMED INSURRECTION ARE THOSE INDIVIDUALS WHOSE OX IS BEING GORED.


WE HAVE A RIGHT TO LIVE IN LIBERTY FREE FROM TYRANNY.

I AM CERTAIN THAT THE FREE OR BLACK MARKET WILL INVENT A DEVICE TO DEFEAT DRONES.


.

The Black Market doesn't invent anything. That comes from Scientists and engineers. Two professions employing few Republicans.

Almost all the libertarians I ever met were in technical fields, you fucking moron. One was working on his Phd in physics.

Who created the knowledge & paid to impart it into that Phd?

That's not the point of my comment, moron.

 

[M14 Shooter]

Greece’s Economy Is a Lesson for Republicans in the U.S.

Yes. Abandon liberal Democratic policies as fast as you can.

 

[bripat9643]

The right of the citizens to keep and bear arms has justly been considered, as the palladium of the liberties of a republic; since it offers a strong moral check against the usurpation and arbitrary power of rulers; and will generally, even if these are successful in the first instance, enable the people to resist and triumph over them.

Joseph Story
Supreme Court Justice

In this day and age, if they come after you, it will be with drones. You won't even see it coming. Besides, if anyone wants an armed insurrection, it's the right wing. And what will be their goal? Freedom of Religion DOESN'T mean Freedom FROM Religion. And a return to the Feudal system. Only they will be called the serfs and the rich or as Republicans call them, the "job CREATORS".

THE ONES WHO WANT AN ARMED INSURRECTION ARE THOSE INDIVIDUALS WHOSE OX IS BEING GORED.


WE HAVE A RIGHT TO LIVE IN LIBERTY FREE FROM TYRANNY.

I AM CERTAIN THAT THE FREE OR BLACK MARKET WILL INVENT A DEVICE TO DEFEAT DRONES.


.

The Black Market doesn't invent anything. That comes from Scientists and engineers. Two professions employing few Republicans.

Almost all the libertarians I ever met were in technical fields, you fucking moron. One was working on his Phd in physics.

Who created the knowledge & paid to impart it into that Phd?

He's a conspiracy wacko, don't expect an answer from him, he keeps dodging the fact that he claimed the WHO is a marxist organization.

I haven't ever dodged it. I simply don't feel the need to prove it to you. Anyone who isn't an adle-brained commie like you knows that one of the main activities of the WHO is promoting socialism. All modern socialists get their ideas for justifying socialism from Karl Marx.

 

[Socialist]

THE ONES WHO WANT AN ARMED INSURRECTION ARE THOSE INDIVIDUALS WHOSE OX IS BEING GORED.


WE HAVE A RIGHT TO LIVE IN LIBERTY FREE FROM TYRANNY.

I AM CERTAIN THAT THE FREE OR BLACK MARKET WILL INVENT A DEVICE TO DEFEAT DRONES.


.

The Black Market doesn't invent anything. That comes from Scientists and engineers. Two professions employing few Republicans.

Almost all the libertarians I ever met were in technical fields, you fucking moron. One was working on his Phd in physics.

Who created the knowledge & paid to impart it into that Phd?

He's a conspiracy wacko, don't expect an answer from him, he keeps dodging the fact that he claimed the WHO is a marxist organization.

I haven't ever dodged it. I simply don't feel the need to prove it to you. Anyone who isn't an adle-brained commie like you knows that one of the main activities of the WHO is promoting socialism. All modern socialists get their ideas for justifying socialism from Karl Marx.

You do have the need to prove it to me, since it makes you look like a conspiracy toating nutjob. How does the WHO promote democratic ownership of the means of production? Find me one example. All modern socialists get their ideas for justifying socialism from Karl marx? No, they really don't, since all anarchists are essentially socialists, advocating for democratic ownership of production, and they do not read Marx, nor do many other socialists. Besides, beginning to understand Marx is difficult enough as it is.

 

[LogikAndReazon]

Just think how awesome it would be if we paid 80% in taxes and let the civil servants take care of us.... X

Lmfao

 

[Silhouette]

I think capitalism could save Greece.

 

[Toddsterpatriot]

I think capitalism could save Greece.

If your "green energy" solution was a big money maker, why hasn't it already been done?

 

[Silhouette]

I haven't ever dodged it. I simply don't feel the need to prove it to you. Anyone who isn't an adle-brained commie like you knows that one of the main activities of the WHO is promoting socialism. All modern socialists get their ideas for justifying socialism from Karl Marx.

The best socialist country is one that also embraces capitalism. Let's face it, we have a hybrid here. So does Canada. And Canada's economy is currently stronger than ours is.

Here's an idea for Greece:

Geothermal power exports:

Abstract
In Greece the geothermal areas are located in regions of Quaternary or Miocene volcanism and in continental basins of high heat flow. The existence of high-temperature (>200 °C) resources has been proven by deep drilling on the islands of Milos and Nisyros and inferred on the island of Santorini by its active volcanism. Elsewhere, geological investigations, geochemical analyses of thermal springs and shallow drilling have identified many low-temperature (<100 °C) reservoirs, utilized for spas and greenhouse/soil heating. Ternary K–Na–Mg geothermometer data suggest deep, medium-temperature resources (100–200 °C) in Sousaki, the islands of Samothraki, Chios and Lesvos, in the basins of Nestos River Delta and Alexandroupolis and in the graben of Sperchios River. In the basins of northern Greece these resources are also inferred from deep oil exploration well data. Exploring for geothermal resources in Greece

Geothermal resources...high and low temp. High is easy. Low is workable using heat exchangers and low temp refrigerant boilers:

The Chena geothermal power plant came online in late July 2006, putting Alaska squarely on the map for new geothermal technologies. Chena Hot Springs is the lowest temperature geothermal resource to be used for commercial power production in the world....Because the geothermal water at Chena Hot Springs never reaches the boiling point of water we cannot use a traditional steam driven turbine. Instead a secondary (hence, "binary") fluid, R-134a, which has a lower boiling point than water passes through a heat exchanger with 165°F water from our geothermal wells. Heat from the geothermal water causes the R-134a to flash to vapor which then drives the turbine. GEOTHERMAL POWER - CHENA POWER - A Renewable Energy Company

Solar THERMAL (not photovoltaic) power exports.
Greece is one of the southernmost countries in Europe and therefore receives some of the most yearly sunshine.

Between the two resources and saline heat storage, Greece can pull itself out of a slump, sell power to Europe and sort of you know...help out the national security plan. Investors?....(I hear there's a huge labor pool there needing work) Designers could for the geothermal plants create destination spas for tourism where the warm water discharge could be used in asthetically-pleasing baths...Roman style. The facilities could be cloaked to look like the parthenon and so on. Energy & tourist health spas. Win-win. Like they do in Iceland:

You're welcome.

 

[Silhouette]

Wait...let me guess....

..Because of post 211 this thread will now have to be moved to the "Europe" forums?

 

[mikegriffith1]

It's not what you think it is

Greece is a faraway country with an economy roughly the size of greater Miami, so America has very little direct stake in its ongoing disaster. To the extent that Greece matters to us, it’s mainly about geopolitics: By poisoning relations among Europe’s democracies, the Greek crisis risks depriving the United States of crucial allies.

But Greece has nonetheless played an outsized role in U.S. political debate, as a symbol of the terrible things that will supposedly happen — any day now — unless we stop helping the less fortunate and printing money to fight unemployment. And Greece does indeed offer important lessons to the rest of us. But they’re not the lessons you think, and the people most likely to deliver a Greek-style economic disaster here in America are the very people who love to use Greece as a boogeyman.

To understand the real lessons of Greece, you need to be aware of two crucial points.

Paul Krugman[/paste:font]
Macroeconomics, trade, health care, social policy and politics.

• Ending Greece’s BleedingJUL 5
• Europe’s Many Economic DisastersJUL 3
• Greece Over the BrinkJUN 29
• Hooray for ObamacareJUN 25
• Slavery’s Long ShadowJUN 22

See More »

The first is that the “We’re Greece!” crowd has a truly remarkable track record when it comes to economic forecasting: They’ve been wrong about everything, year after year, but refuse to learn from their mistakes. The people now saying that Greece offers an object lesson in the dangers of government debt, and that America is headed down the same road, are the same people who predicted soaring interest rates and runaway inflation in 2010; then, when it didn’t happen, they predicted soaring rates and runaway inflation in 2011; then, well, you get the picture.

The second is that the story you’ve heard about Greece — that it borrowed too much, and its excessive debt led to the current crisis — is seriously incomplete. Greece did indeed run up too much debt (with a lot of help from irresponsible lenders). But its debt, while high, wasn’t that high by historical standards. What turned Greek debt troubles into catastrophe was Greece’s inability, thanks to the euro, to do what countries with large debts usually do: impose fiscal austerity, yes, but offset it with easy money.

Consider Greece’s situation at the end of 2009, when its debt crisis burst into the open. At that point Greek government debt was near 130 percent of gross domestic product, which is definitely a big number. But it’s by no means unprecedented. As it happens, Greece’s debt ratio in 2009 was about the same as America’s in 1946, just after the war. And Britain’s debt ratio in 1946 was twice as high.

Today, however, Greek debt is over 170 percent of G.D.P. and still rising. Is that because Greece just kept on borrowing? Actually, no — Greek debt is up only 6 percent since 2009, although that’s partly because it received some debt relief in 2012. The main point, however, is that the ratio of debt to G.D.P. is up because G.D.P. is down by more than 20 percent. And why is GDP down? Largely because of the austerity measures Greece’s creditors forced it to impose.

Does this mean that austerity is always self-defeating? No, there are cases — for example, Canada in the 1990s — of countries that slashed their debt while maintaining growth and reducing unemployment. But if you look at how they managed this, it involved combining fiscal austerity with easy money: Canada in the ’90s drastically reduced interest rates, encouraging private spending, while allowing its currency to depreciate, encouraging exports.
Greece, unfortunately, no longer had its own currency when it was forced into drastic fiscal retrenchment. The result was an economic implosion that ended up making the debt problem even worse. Greece’s formula for disaster, in other words, didn’t just involve austerity; it involved the toxic combination of austerity with hard money.

So who wants to impose that kind of toxic policy mix on America? The answer is, most of the Republican Party.

On one side, just about everyone in the G.O.P. demands that we reduce government spending, especially aid to lower-income families. (They also, of course, want to reduce taxes on the rich — but that wouldn’t do much to boost demand for U.S. products.)

On the other side, leading Republicans like Representative Paul Ryan incessantly attack the Federal Reserve for its efforts to boost the economy, delivering solemn lectures on the evils of “debasing” the dollar — when the main difference between the effects of austerity in Canada and in Greece was precisely that Canada could “debase” its currency, while Greece couldn’t. Oh, and many Republicans hanker for a return to the gold standard, which would effectively put us into a euro-like straitjacket.

http://www.nytimes.com/2015/07/10/o...-a-lesson-for-republicans-in-the-us.html?_r=0

You know the problem is that you are preaching to people (republicans) who don't even understand what socialism is. They see no difference between Norway and North Korea. They are that brainwashed. Fox News has them by the balls.

I wish the U.S. could be more like Norway but I doubt that will ever happen.

I suspect you are unaware of the very CONSERVATIVE aspects of Norway's economic and other domestic policies, policies that you and other liberals oppose.

Did you know that Norway has a sound money monetary policy?

Did you know that Norwegian law requires that the national government operate on an essentially pay-as-you-go basis? Did you know that Norway has often had a surplus, much of which has gone to the nation's reserve fund?

Did you know that Norway has long had very conservative tort laws that make bogus lawsuits almost unheard of?

Did you know that Norway has what liberals would view as draconian, rigid immigration laws and maintains very tight control of her borders against illegal immigrants?

Did you know that Norway's universal health care system requires a sizable deductible for anyone over the age of 16?

American liberals oppose every one of these Norwegian policies. So you guys should do your homework and stop citing Norway as an example of successful socialism, given that Norway follows a number of conservative economic and other domestic policies.

 

[Silhouette]

There's nothing shameful or wrong about a hybrid system of socialism and capitalism. Just as there is nothing wrong with green energy being a road to Greece's independent new economy. Europe needs energy. Greece has sunshine and geothermal in huge supply.

 

[bripat9643]

There's nothing shameful or wrong about a hybrid system of socialism and capitalism. Just as there is nothing wrong with green energy being a road to Greece's independent new economy. Europe needs energy. Greece has sunshine and geothermal in huge supply.

That's like saying there's nothing wrong about mixing poison with your food. Socialism is bad, period. In the first place, it's an assault on freedom. That alone should be sufficient cause for outlawing it.

 

[Silhouette]

There's nothing shameful or wrong about a hybrid system of socialism and capitalism. Just as there is nothing wrong with green energy being a road to Greece's independent new economy. Europe needs energy. Greece has sunshine and geothermal in huge supply.

That's like saying there's nothing wrong about mixing poison with your food. Socialism is bad, period. In the first place, it's an assault on freedom. That alone should be sufficient cause for outlawing it.

I don't think the Canadians, who live in a socialislt/capitalist hybrid country are walking around feeling like their freedoms have been "assaulted". We have to the north a country that is sitting their quietly paying her bills, providing healthcare for her people and keeping quality of life high, poverty low and freedoms intact comparable to the US, all factors considered.

Their taxes are higher, but so are their wages and safety nets. So if you factored in that they don't have to pay healthcare premiums ...just that alone reduces their "tax burden" by eliminating those costs. And the freedom from worry they have is ten thousand times our "freedoms" here in the US. What you really mean is American capitalist elite's freedom to oppress the working classes and deprive them of quality of life...down to even the simplest of needs: basic healthcare.

If a Canadian gets sick, the last thing on their mind (because it never crosses their mind) is bankruptcy due to a health crises. A figure I once read said that up to 60% of all American bankruptcy which hurts everyone by the ripple effect, was from a healthcare disaster in the family..usually from a long undetected illness that could've been prevented with regular checkups. Way to go "free" America!

What do you think of Greece selling linear solar thermal steam electricity or geothermal steam electricity to France & Germany? Germany especially has been bucking the nuclear time-bomb energy policy that France has stupidly embraced. Germany's economy is one of the strongest in Europe. I can see a lovely symbiotic relationship there...utilizing your precious capitalism bripat. What natural resources does Greece have in abundance that Germany does not? Geothermal steam and solar radiation.

 

[Silhouette]

*crickets*....lol...

 

[Silhouette]

There's nothing shameful or wrong about a hybrid system of socialism and capitalism. Just as there is nothing wrong with green energy being a road to Greece's independent new economy. Europe needs energy. Greece has sunshine and geothermal in huge supply.

That's like saying there's nothing wrong about mixing poison with your food. Socialism is bad, period. In the first place, it's an assault on freedom. That alone should be sufficient cause for outlawing it.

Bripat, do Canadians consider their hybrid government "an assault on freedoms"? At least they are free to walk in a healthcare clinic or hospital without fearing losing their life savings, retirement and home. Who is the captive really of fear? They pay higher taxes but the equivalent of a second mortgage in monthly premiums and deductibles that Americans have to pay for private insurance is less than the higher tax rate in Canada.

Do you like the idea of Greece selling linear solar thermal and geothermal electricity to Germany and France?

 

[Toddsterpatriot]

There's nothing shameful or wrong about a hybrid system of socialism and capitalism. Just as there is nothing wrong with green energy being a road to Greece's independent new economy. Europe needs energy. Greece has sunshine and geothermal in huge supply.

That's like saying there's nothing wrong about mixing poison with your food. Socialism is bad, period. In the first place, it's an assault on freedom. That alone should be sufficient cause for outlawing it.

Bripat, do Canadians consider their hybrid government "an assault on freedoms"? At least they are free to walk in a healthcare clinic or hospital without fearing losing their life savings, retirement and home. Who is the captive really of fear? They pay higher taxes but the equivalent of a second mortgage in monthly premiums and deductibles that Americans have to pay for private insurance is less than the higher tax rate in Canada.

Do you like the idea of Greece selling linear solar thermal and geothermal electricity to Germany and France?

Those methods of generating electricity are money losers when the electricity is consumed nearby. Now you want them to send it all the way to France and Germany?
Why not to the US? Al Gore needs a new green energy scam.

 

[Silhouette]

Those methods of generating electricity are money losers when the electricity is consumed nearby. Now you want them to send it all the way to France and Germany?
Why not to the US? Al Gore needs a new green energy scam.

Iceland is developing geothermal to sell to Europe at a decent profit for some time and over greater geographical barriers. I think you're making that up.

Greece is connected by land in most parts to Europe. It would be simple overland transmission. But other ways exist:

Iceland, a highly active geothermal zone, has announced plans to export geothermal energy to other European nations by channeling it under the ocean. Iceland s Geothermal Energy Export Plan - Environmental News - Copybook