Friday, 29 July 2011

What Can Other Economies Learn From Greece

By Jack Wogan


Greece's economy is not a random event and the reality is that this can happen to all the countries in Europe. But even with all these problems people don't seem to grasp the seriousness of the situation. Politicians don't seem to be at all interested in solving the issue and they seem more interested in kicking the can down the road. The European Union is trying to do all that it can to solve this issue, however it seems that no solution has been reached yet.

The truth of the matter is that Greece is broke. The truth that not most people know is that Greece has started to borrow money not a few years ago but 200 years ago. However, it seems that the politicians are not interested in sharing the truth about the real economic state of the country. This is clearly one of the main reasons why the Greek population is so enraged about the fact that now they are made to pay some debts that were not created by them.

Greece's economy is doing so bad, that not even with the high amount of money that the country is going to receive, their problems are going to get solved. Greece has nothing else to do than to simply re-think some of the major economic areas and to start raising some more money. However even with this, the reality is that the people will have to pay for the mistakes of the politicians.

Because the politicians have always reassured the people that the Greek economy is doing well, advising them to borrow to fulfill their needs and the needs of their families. The EU has also done a very slim job at protecting the Greek economy. They have not supervised the real extent of the debt and have not given warnings until it was actually too late.

Merkel and Sarkozy will now give Greece all the money it needs to recover. However, the austerity measures are so great that the Greeks won't be able to prosper for a long time from now.

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