The truth about the Greek financial crisis

The Greek press have never been interested in not covering issues that are current and newspaper editors have not shown any reluctance in saying what they think and how they feel.

Like many other European countries the press is divided between those on the left, the right, the far left and the mad right. The difference with any other country is thus very small in that respect. The same is the case with the 12 or more television channels and a plethora of radio stations that are constantly dishing out different versions of the same story.

The one thing that everyone seems to agree with in Greece is that the system used by the state to collect taxes and revenue was incredibly weak and measures to ensure that things were done correctly did not exist. This major deficiency produced a huge problem since the Greeks have been used to have a good standard of living in the last 20 years with excellent public services. Children would get a portable computer at 14, waiting queues for hospital treatment were very low and the transport system in the major cities was above average plus most people could retire on a good pension at 50.

But this great improvement was financed by successive governments who simply borrowed money from the international markets. This of course produced a huge debt which stands at 130% of GDP. And of course this is what induced the current crisis. Irresponsible and weak governments with career politicians who were only interested in making themselves be loved and staying in power for as long as they could.

The way to deal with this problem is to allow the country to go for growth and encourage more investment from outside. This would be the only sure way for Greece to be able to repay their debts. Killing the economy will not allow the state to have the funds to pay back the debts so the stupid career politicians of Euroland have got that one very wrong. Europe will be cutting its own nose to spite their face if they continue with the unfair austerity measures. The fact is that it is Euroland that will suffer more if Greece, Portugal or Spain go down. Anyone who can't see that is simply following the path that lead the world into a catastrophic war in 1940. They better think again!