Does anyone else find the Greece drama as fascinating as I d

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InfamousAngel
Posts: 25
Joined: Sun Apr 10, 2011 7:14 am

Does anyone else find the Greece drama as fascinating as I d

Post by InfamousAngel »

It's like watching a slow-motion train wreck and I can't look away. Even with the current agreement for a second bailout, I can't see how Greece will be positioned to pull itself out of its rut. Austerity makes sense for Greece only in terms of getting rid of some of the crazier spending, but you can't save your way out of a recession.

I can't see how Greece can recover unless they start collecting taxes - the Germans, who do pay taxes - won't consent to pay Greece's taxes forever, no matter how useful the Euro is. Second, the current bureaucracy is designed to crush any new business. See the following article: http://www.ekathimerini.com/4dcgi/_w_ar ... 012_429208

Unless they are able overhaul their economy to be more productive I can't see any way out of their situation.

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awval999
Posts: 1318
Joined: Fri Apr 08, 2011 10:17 pm

Re: Does anyone else find the Greece drama as fascinating as

Post by awval999 »

InfamousAngel wrote: Unless they are able overhaul their economy to be more productive I can't see any way out of their situation.

Armchair Economist
It is interesting. I suppose they could leave the Euro and reinstall the Drachma. They are a soverergn nation, they do not have to repay their debts; however, if they choose that route the population needs to understand that they can only spend what they take in as no country will lend to them again.
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