Yeah, yeah, I know the European Union (EU) has struck another “deal” with Greece to save their economy. But if you read James Angelos’ The Full Catastrophe: Travels Among the New Greek Ruins you’ll be as skeptical of this new bail-out of Greece as I am. Greece is deep in debt. Their economy is stalled. The Greeks lead the world in not paying their taxes. The last two EU bail-outs did not solve the Greek financial crisis. Promises were made to “fix” the problems–but little was done. The problem of Greece leads to the problems of Spain, Italy, Portugal, and Ireland–countries that share the same budget problems Greece has. The EU can throw money at their problems, but that’s not going to solve anything. Our economy and stock market will be affected if the debt crisis in Europe spreads. And, of course, the U.S. has debt problems, too. James Angelos’ insightful book deserves a wide audience. GRADE: B+
A guy on the BBC summed it up this morning: “The Greek crisis is like Wagner’s Ring Cycle: Long, complicated, and you can’t rally appreciate it unless you speak German.”
Dan, love that BBC quote! It is so true!
If they paid their taxes, they would be okay. Right now it’s a nation of scofflaws crying because they’re so poor.
Rick, like most people who have been “enabled” for many years, it’s hard for them to change. But the EU isn’t going to bail Greece out again. This is the last chance for Greece to get their budget woes under control.
Now the domino affect is a reality.
Patti, in our interconnected world one country’s financial problems become EVERYBODY’S financial problems.
Not least because of the corruption of international banks and “funds” and their desire to make sure every economy maximally rewards the already rich.
Todd, the game is rigged in favor of the Rich. Their “representatives” design the Tax Code which is why they play less on a percentage basis than you and I do.