... Let’s first stipulate that Greek governments are 100 per cent responsible for borrowing money they knew they had no hope of repaying, and that they should be deemed fully culpable for their actions. Let’s also stipulate that the foreign banks and their EU enablers are 100 per cent responsible for making irresponsible loans that they knew couldn’t be repaid, and that they too should be deemed fully culpable for their misconduct.Let's see what they do.
... It has only one sensible choice — to tear up most or all of its debts and start fresh. This course, if navigated by even a half-competent government, could quickly pull Greece out of its seven-year-long depression and lead the country into prosperity....
Friday, July 10, 2015
What should Greece do?
Lawrence Solomon's advice (or is it just a prediction?):
Subscribe to:
Post Comments (Atom)
3 comments:
oldwhiteguy says,,,,, Greece should get it's ar5e in gear and go to work and pay it's debt no matter what. Greece is 100% responsible for using other people's money to support their socialist system they are a disgrace. Ontario Canada is rapidly becoming equally disgraceful.
Greece never should have been allowed into the Euro zone, but the reality is they are unable to pay it back. Rather they should exit the Eurozone, return to the Drachma and default. As part of the restructuring though, raise the retirement age to 67, bring civil service benefits in line with the rest of the EU, crackdown on tax evasion, and also sell some of the state owned enterprises government shouldn't be involved in. By returning to their own currency and defaulting, it will be painful, but at least they can recover like Argentina and Iceland did whereas staying in the Euro will mean they continue to stay in recession.
The EU put off payment on their share of the debt Greece owed for years and even with this 'holiday' Greece has been unable to balance their books. The Greek beaucracy is corrupt and inept. The Greek economy needs a major overhaul. Writing off debts may help but the debts are a symptom of Greece's problems, not the cause.
Post a Comment