Days of Change

From Ancient Rome to Modern Greece | June 29, 2015

Greece’s economy is literally dragging down the rest of the world. When a country joins an economic union but doesn’t want to live by its rules, that country can get away with a lot. While the US stock market fell about 2% in one day, EU countries have a much bigger stake. Throwing money at Greece can put off economic collapse, but won’t stop it. Greece has now been told to accept austerity (slightly less generous socialized benefits and higher taxes on the rich) or face default.

The world economy isn’t growing, but it is stable. This is as good a time as any to force the country’s hand. Of course, if Greece refuses the plan and withdraws from the EU, they face a whole new problem. The socialist leader of Greece is talking to communist Russia about a less restrictive bailout. The problem is that Russia is a criminal organization and using them as a loan shark would have even worse consequences. One thing seems clear. The EU is sick of Greece’s crap.

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1 Comment

  1. Europeans have a very limited ability to learn from history. Americans have none at all.

    Comment by Mary — June 30, 2015 @ 4:07 am


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