Taking it Too Far
The deadline to reach an agreement to secure the …next tranche of the loan Greece needs keeps changing. But the clock continues to tick and March 20th the day when Greece is obliged to pay back its bonds is fast approaching. The state coffers are empty and politicians in Athens continue to be more interested in politics rather than the best interest of the country. What a tragedy! The current thinking is that the people cannot take it anymore, that they are ready to revolt, and so the Germans are obliged to pay our way. I am afraid that this mentality is not going to convince many. Let us remember that the process of approving the lone is lengthy and that delays could prove fatal. If the loan is not received on time let’s say even due to some error, then what happens? I can “hear” readers telling me: shouldn’t the politicians read this document over, shouldn’t they negotiate? I am sorry to ruin the party, but this begs the question how much room does someone mired in debt have to negotiate. The country is sinking in debt. Just yesterday it was announced that the public debt reached 159% ($457 billion), up from 139% last year. In order to survive, the country must become competitive, and that means also reducing labor costs. Call it reduction or abolition of the two extra months’ worth of holiday pay, or whatever else you will. The result is the same. It should be noted that these extra perks were abolished for public sector employees as of April 2010!!! The troika has become the latest target for the Greek people to vent their anger. Do they think that the troika believes it is not in their best interest also for Greece to stay in the euro zone? I know that I am once again breaking with public opinion. But I know that what I am saying is the truth and in Greece’s best interest. If we rest on our laurels and think that the world owes us something, then I am certain that we will wake up one morning and see that the country has suffered a major calamity. And then it will be too late for tears.