The Greeks have long prided themselves in their logic and philosophy; afterall, Aristotle and Socrates did once walk amongst them. However, when it comes to modern economics, it would appear that the Greeks could learn a lesson or two from their European colleagues, especially when the nation is on the verge of bankruptcy. Facing mounting pressures from foreign lenders, Greece’s EU bailout relies under one condition: the approval of a new round of austerity measures. And how did the Greeks respond? Not happening!
Of course, that comes as no surprise. The Greeks have become accustomed to their peppy lifestyles. Years of borrowing by the government ensured that at the very least, an average Greek enjoyed quite a high standard of living, and as one Greek economist noted, ‘Greece is a poor country full of rich people.’ But as the entire Eurozone is plunged into the abysmal depth of the debt crisis, Greece, a country which for years has
faked its deficit numbers, is naturally the first to fall in. Whether or not Greece will remain in the Eurozone is up to debate, but one thing for certain: Greeks need to cut back on their vacations and start working like everybody else!
Images courtesy of : http://www.bokbluster.com/2010/02/19/greek-financial-crisis/,
and http://trendsreport.files.wordpress.com/2011/07/greece-debt-crisis.jpg?w=440&h=240&crop=1, in order of precedence.
Much like you stated, Greece needs to start working like everybody else. The country needs to realize that its bankruptcy does not only pertain to itself but will cause harm to Europe in its entirety and will greatly affect the Euro dollar. It is natural that the citizens of Greece oppose the austerity measures being proposed but the government in this situation needs to in some way emphasize the severity of the situation that not only each individual is in but also the troubles Greece and the European continent faces as a whole. Oddly, “Years of borrowing by the government ensured that at the very least, an average Greek enjoyed quite a high standard of living” sounds very much like the behaviour of a certain country south of the border. Foreshadowing perhaps?