Paul Donovan

Inflation is, of course, not only a Greek problem or just an imported problem. It's also not like a storm that can't be dealt with and you just wait for it to pass. Nor, again, is it a neutral phenomenon: It redistributes wealth. As long as consumption holds up, producers and retailers raise prices and profits. Are we experiencing greedflation?

As next year looks set to bring multiple challenges in global markets, it is important for Greece to convince international investors that the fiscal risk has diminished and to normalize its credit system, UBS Wealth Management Global Chief Economist Paul Donovan tells Kathimerini.