In elections over the weekend, the Greeks voted. In 2010, suffering from staggering debt (due to overpromising social spending), Greece had to go to the IMF, the European Central Bank and the European Commission and beg for money to bail them out. In exchange for the loans, the Greeks had to cut spending and adopt austerity measures. The other show dropped this weekend: radical left electoral victory.
Syriza, the quasi-communist party, promised to stop the austerity.
"If Greece is unable to honor its obligations this year, then economic, financial and banking stress is likely to lead either to an agreement, or to a second round of elections, or to an EMU exit," from the eurozone.
The Dismal Science always gets the last word.
The Greeks will continue a form of the austerity measures or they will exit the Euro, bring back the drachma, and continue to tax and spend, for a while. Eventually, however, that house of cards will collapse as well.
The Dismal Science always gets the last word.
Syriza, the quasi-communist party, promised to stop the austerity.
"If Greece is unable to honor its obligations this year, then economic, financial and banking stress is likely to lead either to an agreement, or to a second round of elections, or to an EMU exit," from the eurozone.
The Dismal Science always gets the last word.
The Greeks will continue a form of the austerity measures or they will exit the Euro, bring back the drachma, and continue to tax and spend, for a while. Eventually, however, that house of cards will collapse as well.
The Dismal Science always gets the last word.