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The Greeks haven't been "sacraficed", that's a nonsense as...

  1. 3,413 Posts.
    The Greeks haven't been "sacraficed", that's a nonsense as others have pointed out. What's occurring is precisely what should have been occurring all along perhaps.

    The main fundamental problem as I see it with Greece is as a nation they are expected to reduce their debt and get their "house in order" so to speak and this is to be achieved by austerity measures (higher taxes, lower wages etc, etc) along with the sale of state-owned assets.

    Problem is, from an economic growth perspective at least, growth is already more or less non-existent and the country is to be expected to resolve it's fiscal problems by stunting future growth???

    It's merely a matter of time before Greece rolls over YET AGAIN and defaults on its debt as it has in the past on no less that 5 occasions!

    In fact when Greece defaulted in 1826 it was "shut out" of international capital markets for 53 consecutive years.

    That said, after the record default by Argentina in 2001 (US$95 billion) it managed some pretty impressive economic growth year on year.

    WC8
 
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