Looking at the Greek debt question…
Looking at the Greek debt question this evening – as one does on an English ‘Bank Holiday’ Monday. Why is it called ‘A Bank Holiday’ – the Bank still keeps taking interest for my Mortgage? It is therefore not on holiday?
I have been watching and reading of the rise of Nazi-ism and the way Germany was treated at the end of WW1. In particular how this outcome was spun by the PR promulgated by extreme political wings within the country. This enabled the rise of Hitler and prompted WW2. It is therefore particularly frightening to see the emblem of the Swastika appear so prevalent again in the light of studying how Germany was left owing, how it was treated subsequently and how oliticians used the unease to fuel their ambitions. Is history repeating itself as Greece feels, and is told, it is being badly treated and rises up to fight back?It does not have the might of a Germany, but it might spark off another civic unrest against the EU across Europe?
I was also interested to see that precedents of lending to ‘bail out’ countries have, in the past, thrown those countries into meltdown of poverty, spiralling debt, drop in output. The percentage of the debt owed then becomes much higher against GDP – and eventually they say enough – Germany ( 50% debt reduction), Mexico (we’re not paying anymore), others?… Greece? This cycle was forseen by countries when the austerity package and bailout was planned by the EU apparently – the history is there for all to see – and warnings were not heeded.
It is enough.
For Greece it seems to me they need to say enough. It will be horrendous…. and it is horrendous, and it will be more horrendous. But then the country can and will rebuild itself. To carry on, in the hands of the money lenders, will see more suicides, more poverty and a decade or more of payment for previous good times with no way out. The winners being the debt lenders and collectors who profit from the money they’ve lent at enhanced rates.
It is simple in some ways. When the debt collectors have you and you cannot afford to pay, you are lost. You have lived high for too long and there is always a price to pay. They (the lenders who funded your lifestyle) demand payment with increasing threats and ownership over your property and eventually yourself. You become the slave to the lender, and then you might have to use your children as collateral against the debt? Somehow you must break the cycle. Just borrowing more so you can keep paying the interest on what you owe increases your indebtedness… But the bully of the debt collector, the strong arm man will do all he can to stop you defaulting… From kind words and enducements to threats…
The Politician who says ‘No More’ may well be killed at The Polls. To default and leave the stranglehold will be a nightmare. But, they will have started the move to rebuilding the country that, over time, they will be thanked for. It will be a brave soul that takes this step and says – ‘No More…’
TOURISM CHARITY? – an idea to incerease currency inflow…
Out of Europe? Open up the tourist market – enable cheap visits – flood local homes with holiday makers, remove restrictions and Health and Safety concerns over cooking etc… Inspire locals to put up holidaymakers from everywhere and have them all contribute to the local economies. Maybe initiatives like this could make a difference – a cheap holiday in Greece anyone?