Raw data: A cautionary tale
7 hours ago
Sunday, May 9, 2010
Greece and Europe
It has recently become very apparent that expanding the Euro zone to include countries like Greece was a mistake . This mistake seems to me to be one of elevating form over substance, if you put Greece in the Euro zone this will somehow magically transform Greece into a country which belongs in the Euro zone. You see this thinking in other contexts, admitting this student to an elite university or placing this applicant in a demanding job will magically make them capable of performing well. As with Greece and the Euro things often don't work out, particularly when the risks are ignored.
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THe European Union had reservations about admitting Greece to the Union several years ago when I traveled to Greece because of their heavy debt load. We used, at that time, the local currancy instead of the Euro, but I see that finally Greece was admitted to the European Union...Greece has had problems with currency in the past due to high debt for many years. Most likely it is was a mistake to admit Greece before they were ready to pay back their loans. Now, all the world will pay.
ReplyDeleteWhat I find alarming about the Greece situation is the habitually socialistic attitude about it deep within the population The country is clearly in financial shambles but the majority does not hesitate to accelerate the process by staging country wide strikes (to preserve the standards they cannot afford).
ReplyDeleteOne cannot but sympathize though, after all, the Greeks toil the entire year... aah ..well.. minus the 6-8 weeks paid vacations... to only be paid for 14 full months in a year -- and now they should endure cuts?! Here, let me put your house on fire, demolish your car, because I want a raise.
Our tour guide in Athens informed us that houses from the Middle Ages built in the city could only be repaired from the inside. Thus, when the roof leaks on the myriad houses in this category, the owners cannot repair them. Eventually, the houses collapse. The vacant lots which result from this practice make available archaeological ruins, which is nice. However, the Athenian government fails to realize that when the houses become ruins, no taxes are being collected on the sites because dead people don't pay taxes. No wonder Greece is in trouble.
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