Many in Greece are now saying that the so called deficit that represents around 130% of GDP is a simple matter for accountants to sort out and that its all about creative or in this case negative accountancy practises. This is of course not true. Almost every member state of the Euro zone apart from Germany, Holland and Finland have huge deficits.
The reality is that a state the size of Greece, Portugal or Ireland need to borrow to finance public services, so there are no easy solutions. The long term way to deal with the problem is for countries like Germany and France to redirect some of the industries they have to these countries and invest in their growth. That way the gap will get smaller and loans will be paid back. Making sure that Greece or Portugal go bankrupt will not in any way help the northern states! On the contrary it will give them bigger headaches!
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