Why (Some Think) the Greeks Were Right
It’s a bit off topic, but a subject close to my heart: the so-called ‘Greek Crisis’. The Greek rejection of the EU bailout plan has led to criticism from many quarters, but John T. Harvey at Forbes.com says that “what lenders were trying to force upon them is patently unfair and ultimately destructive to the entire EU.”
I don’t necessarily agree with him – a country the size of Greece cannot sustain 800,000 civil servants. Harvey blames it all on the trade deficit, and there is some merit in his argument, although I can’t say I agree with him wholeheartedly.
Austerity is not the solution. There needs to be some austerity and other policies that deal with issues like corruption, labour, tax, etc.
There’s some food for thought in this article, which makes the case that the Greek crisis is a systemic issue within the Eurozone — “5 Reasons Why the Greeks Were Right”, at Forbes. It makes some good points, but it’s hardly the whole picture, and it points to troubled times ahead for other European countries, if (or rather, when) there is an economic downturn.