11 Feb 2010 Uraeus   » (Master)

The sinking ship that is Greece

I guess as a lot of people I been reading about the troubles of Greece over the last weeks. Have to say I did find it a bit funny though when I read that their prime minister George Papandreou claims that their budget plans are credible and good. Sorry, when you are up to the neck in debt and the cost of that debt is about to choke your nation then you need to present a budget plan that brings your budget into the black, you can’t promote a budget that only reduce your deficit and thus increase in debts as a solution. You are still drowning, just a little bit slower.

I sincerely hope the EU doesn’t try to bail out Greece as it would be a long term catastrophe, European governments need to learn that they need to balance their budgets instead of pushing their problems into the future and leaving a even heavier burden on the future generations to try to solve. If Greece gets bailed out then the only result will be that Spain, Portugal, Italy and eventually France will come knocking too, not to mention some of the former east block countries.

Syndicated 2010-02-11 12:01:15 from Christian Schaller

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