Yes, even GM, under those favorable conditions should have been expected to turn a profit this year.

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If Greece were to bring debt levels down to the 60% of GDP limit established by the EU by 2040, under very favorable conditions such as 6% interest rates on its bonds (compared with 16% currently), and 4% annual GDP growth, the country would need a primary surplus of 6% of GDP.

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By shifting income from high-tax to low-tax countries through transfer pricing, using hybrid entities that are treated as corporations in some countries and flow-through entities in others, stripping profits from high-tax countries through intracompany financing, repatriating under favorable tax conditions, and other tax avoidance mechanisms, multinationals mitigate the impact of being headquartered in a high-tax state.

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Industry has employed such tactical moves in past downturns to good effect, and it probably will be able to preserve profitability for at least a few years before business booked under previous, more favorable conditions begins to run out.

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