Greece has been on the edge of default for a few years and has been asking for and receiving bailouts in the form of loans to help them through a crisis of their own making.
The Greeks have a generous benefit system that allows workers to retire young and receive a hefty percentage of their retirement. Couple this with countless other programs that can’t be afforded and you get a crisis.
When Greece was bailed out it failed to take any reasonable austerity measures to get on a path to sustainability. It keeps showing up hat in hand wanting even more money.
The members of the European Union (EU) have been in tense negotiations and it is not happy to be asked to shell out more money to a country that seems intent on continuing on the same path that got it to the brink of disaster.
A new deal is in the works and many Greeks are unhappy with it. They claim it is harsh and requires them to do too much. They claim it is humiliating.
It should be humiliating. You have a system that can’t be sustained and you ask for money to help you when it collapses and ten you continue doing the same thing that got you there. You ask for more and more while continuing to refuse reforms.
Then you are forced to agree to harsh measures and you claim it is not right and humiliating.
It is humiliating and it should be. You should be ashamed that you are led by people who ran your country into the ground. You should be ashamed that you continue to suck the life out of your economy by raping the treasury of ever dwindling resources while continuing a life of early retirement and generous pensions.
Other countries are not happy with being forced to bail you out once again. And considering how dire your circumstances are you had better agree to the terms and get your act together.
Americans, pay attention because we are well on our way to a default and we will be like Greece before you know it.
And we too should feel ashamed and humiliated for many of the same reasons.
Never surrender, never submit.