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Onic Palandjian

CEO , Europa Aluminium

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How can we avert / minimize the brain-drain from countries in crisis?

Many young, bright Greeks with excellent ideas, energy to work hard and prove themselves want to leave Greece. It’s similar for Egyptians, Tunisians, Armenians, Portuguese and other countries in crisis. Morale is at an all-time low and something drastic has to happen in order to change the trend. A country without young educated people has no future.
Could in our case the solution be the Greeks of the Diaspora?


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    Apr 12 2011: There is financial and political crisis. I will comment on the first: Brain drain happens because countries in financial crisis suffer from very high unemployment, especially youth unemployment.
    So first governments need to try to reduce this unemployment. That they can do by helping creation of new jobs and employment. Given that the public sector in most cases (like Greece and Portugal) is broke, they need to facilitate job creation from the private sector. Private sector will create jobs if there are good reasons for new investment. For that you need to remove uncertainty and bureaucracy, incentivize FDI and facilitate startups.
    The problem is that all of this is long term and, although a government has to do all this, it will take a very long time. In the short and mid term you are stuck with high unemployment and that means that in a globalized world a lot of people will leave the country in search of employement and that is beneficial both to the person and the society at large, assuming they will come back when the situation improves and bring their savings.
    The key here is for a country to keep the best and brightest of its youth, the people who in fact have the best chances of finding employment abroad. Here are some ideas: 1) most of these countries’ culture respects experience and status more than ideas and hard work (that the best and brightest carry). That culture must be questioned. 2) install the notion of meritocracy by law and practice 3) remove laws that make business failing a personal disaster and support youth entrepreneurship. 4)Incentivize hiring of young people

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