Tuesday, 15 May 2012

Beware of Greeks bearing debts

With apologies to Sophocles and John Dryden, we should beware the Greeks bearing debts.  Greeks lied about their financial situation to enter the Euro zone.  Some of their pension arrangements, Government spending, and state pay awards were irresponsible and completely unsustainable. Tax evasion is rife in Greece. The Greek economy is not in any position to pay back what it owes. Many Greeks seem to want to have the benefits of the Euro club membership, but they are clearly not prepared to pay the membership fees.  Many have rejected austerity, but austerity and financial hardships are coming their way.

Some people are referring to the Greek economy as a zombie economy.  It has been feeding off the livelihoods of others.


Johli Baptist said...

The Greeks are in no position to pay back the loans and bailouts. They will remain parasites unless they stop living beyond their means and sort out their tax system and embrace austerity measures. The future looks bleak because dreams of recovery could be a mirage and nightmare.

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