Have you been keeping track of the Greek economy?

It started in April of 2010 when the country’s debt was beginning to spiral out of control.  So the IMF stepped in and provided them with a 45 billion euro bailout package.

After this, Greek government officials began to implement austerity measures.

This is from Greece’s wiki:  On a poll published on 18 May 2011, 62% of the people questioned felt that the IMF memorandum that Greece signed in 2010 was a bad decision that hurt the country, while 80% had no faith in the Minister of Finance, Giorgos Papakonstantinou, to handle the crisis.  EvangelosVenizelos replaced Mr. Papakonstantinou on June 17. 75% of those polled gave a negative image of the IMF, and 65% feel it is hurting Greece’s economy. 64% felt that the possibility of bankruptcy is likely, and when asked about their fears for the near future, polls showed a fear of: unemployment (97%), poverty (93%) and the closure of businesses (92%).

The Greek public is still in the streets and their austerity protests still have violence as a prominent feature.

The next step for government officials is to accept another EU/IMF “stimulus package.”  It seems like many people see this as another quick fix and they want no part of it.

The Communist party of Greece recently seized the Acropolis and tried to rally people to their cause.  I’m not sure that Marxist ideology is a solution for anyone any more – but it is still preferable to capitalism.

Greek government officials are trying to pass a bill that will accept another IMF stimulus package which will help the country from defaulting on their debt.  If the protesters are successful then Greece will default.  The implications to the rest of the European economy then will likely be profound and will ultimately effect countries beyond the European Union.

I maintain that we need a global Jubilee Year where all debt is canceled and we as a human species can re-evaluate our “progress” and our goals.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s