A good politically incorrect summation of what the Greek debt crisis is all about from John J. Ray in Oz. One should also mention that another major part of Greece's debt problem comes from the fact that it doesn’t have much of any kind of manufacturing base and has few products for export. It doesn’t produce much of anything that people in other countries want to buy. Except maybe for Greek Style yogurt which is popular with the hipsters these days. Greece has a big tourist industry because of its beaches, sunshine and cool ancient ruins to look at. But that isn’t enough to pay the enormous bills it has run up any more. Add to that Greece's other societal dysfunctions as discussed below and it becomes easy to understand why the country is in serious trouble.
No comments:
Post a Comment