I am nobody from europe but do understand that you never spend beyond your means. Nothing wrong with welfare of the people but that has to be how much resource you have to match the expenses. You can use your credit card for welfare and fooding of your family but how long without paying the bank. Greece politicians have to device something to cut down its spending to reduce its dept or increase there source of earning to clear the debt. Other way around play the both way of reducing expenses and increasing earning. You cannot take other countries as your bank and keep using them as a credit card. I was reading the autobiography of Lee Iacocca. In late 70's while Chrysler (US car maker) was on the verge of bankruptcy he took over the helm and went to one of the biggest plants. While addressing the plant employees he said "I have two option with me, one to reduce the work force, two to cut pay and benefits of all to save money". All agreed on reduction of the pay and benefit cuts. Basing on his austerity package the USA congress granted him a bailout. Within 5 years he turned the fortune of Chrysler. He paid off the dept 5/6 years earlier then schedule. Now, this may sound funny comparison but economics definition /theories are universal for all let it be a family, industry or country.
My respect to people of Greece. Remember that I have to take short term pain to have long term gain and vice versa. It is not only the people of Greece who need to decide but also there honest politician (which is rare to get around the world) to lead them with right policy. Regards.
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Running Out Of Cake: Greek Crisis Reveals Consequences Of Socialism
I am nobody from europe but do understand that you never spend beyond your means. Nothing wrong with welfare of the people but that has to be how much resource you have to match the expenses. You can use your credit card for welfare and fooding of your family but how long without paying the bank. Greece politicians have to device something to cut down its spending to reduce its dept or increase there source of earning to clear the debt. Other way around play the both way of reducing expenses and increasing earning. You cannot take other countries as your bank and keep using them as a credit card. I was reading the autobiography of Lee Iacocca. In late 70's while Chrysler (US car maker) was on the verge of bankruptcy he took over the helm and went to one of the biggest plants. While addressing the plant employees he said "I have two option with me, one to reduce the work force, two to cut pay and benefits of all to save money". All agreed on reduction of the pay and benefit cuts. Basing on his austerity package the USA congress granted him a bailout. Within 5 years he turned the fortune of Chrysler. He paid off the dept 5/6 years earlier then schedule. Now, this may sound funny comparison but economics definition /theories are universal for all let it be a family, industry or country.
My respect to people of Greece. Remember that I have to take short term pain to have long term gain and vice versa. It is not only the people of Greece who need to decide but also there honest politician (which is rare to get around the world) to lead them with right policy. Regards.