Things are very tough in Greece at the moment. Anti-government protests, violence and a general dismay at the condition of the country do not augur well. European leaders appear divided on what to do or even how to do it.
This is not just an ordinary financial crisis, for should the Greek State default on it's loan repayments, the repercussions will be felt across Europe and much further afield. Coming so soon on the heels of the GFC, it is not hard to see the grounds for popular discontent.
The medicine from the IMF is almost always the same. Swingeing cuts to government spending, privatisations, wage cuts and various painful prescriptions for restructuring. Apparently it works sometimes (Latvia is held up as a recent example of a patient reviving) but Greece is a very different place historically and culturally.
Many commentators hold the Greeks themselves to blame for the situation, arguing that the country has lived beyond its means for a long time now. There have frequently been mutterings of Hellenic laziness and corruption, of taxes rarely collected. Some of this may be true, though generalisations will always be matters for dispute. The Greeks who came to Australia after WW2 worked very hard indeed.
The Greek crisis may well be the unintended trojan horse in the international financial system. I hope that all the players involved are working hard for a viable solution, for the stakes are high.
Should you wish to read a lucid explanation of the problem in Greece, I recommend this blog by Edmund Conway of the (UK) Daily Telegraph.
http://www.telegraph.co.uk/news/worldnews/europe/greece/8580899/The-Greek-bail-out-whats-going-on.html
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