02-Jul-2015 11:50

Greece bankrupt? Just my uneducated take on their woes..

Greece bankrupt? Just my uneducated take on their woes..

I think some folk may have forgotten that Greece (partly) brought this upon themselves…

In 2009 Greece announced that it had (naughtily) been understating its deficit figures for many years - alarm bells went off re the liquidity & profitability of Greek finances.
Two international bailouts for Greece followed, totalling over 240 billion euros.

Although this ‘debt’ short-term eased the stress, the Greek economic did not improve; rather It shrank by a by a quarter over five years + unemployment increased to 25%.

Taxes collected are still amazingly (& illegally) low, the black economy is thriving & dominant.

Indeed the difficulties we hear/read about banks shutting & ATMs limiting withdrawals to just 60euros p/day does not really affect many, other than the old and pensioned, because most transactions are already paid for in ‘readies’…

Indeed one wonders where the large supermarkets are now actually storing/banking their daily takings. Definitely not to the banks, so where is all this cash being spirited to…?

Anyway, bottom line is that the politicians (& Greek voters) may be blaming everyone but themselves – but the Greek government, politicians, businessmen and non-tax paying citizens themselves must remain answerable to the wider community…