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Brookings on exit from memorandums: You can check out, but can never leave

After eight painful years, Greece leaves behind - at least technically - the era of the memorandum. However, despite the optimism of the Greek government and some Eurozone officials, many believe the country must paraphrase the lyrics of the Eagles' song Hotel California, "you can check out but you can never leave".

The relevant note are made by the Brookings Institute on the occasion of the country's exit from the memorandums. This as international media, from CNBC and Reuters to Politico and CNN Money, covering the latest news for Greece emphasize the weaknesses of the economy, Brookings underlined.

These include inefficient public administration, the underground economy, corruption, and tax evasion, delays in the administration of justice and places numerous bureaucratic barriers to exports and investment.

However - in the author's view - references to the country's biggest problem, overtaxation, are fewer. "This is a phenomenon with disastrous consequences for the future of Greece," he stresses and relied on the figures, also presenting relevant graphs, which show that in Greece the total taxes and insurance contributions are higher than the OECD average.

This adds to the plight of the crisis, writes the author, describing a vicious circle in which the economy is trapped.

"Even low-paid people pay the price," he writes, while pointing out that the existing framework for social security contributions "makes recruitment for a company or employer extremely expensive, so they avoid recruiting new staff".

As a result of the above situation, Brookings notes, domestic demand remains weak, which in turn exacerbates bad growth prospects and unemployment.

The last verses of Eagles' timeless song, which Brookings invokes:

Last thing I remember, I was
Running for the door
I had to find the passage back to the place I was before
'Relax' said the night man,
'We are programmed to receive.
You can check out any time you like,
But you can never leave! '.