by MacDuff » 14 May 2012, 17:39
Yes,initially month be month, then week by week, then day by day and now finally hour by hour the consequences of a government and indeed a people spending more money than they earn has caught up with the Greeks.The old Keynsian concept that if government spends enough then everything will somehow rectify itself is proven to be bogus. Adding further debt to the current one will not resolve anything but only exacerbate the problem. Returning to the drachma will the goverenment to de-value the currency and Greece may yet become the place for a cheap holiday. Greeks in general will be unable to afford imports and will be restricted to purchasing Greek products.Doom and gloom looms.
Thanks for the welcomes. Spending half my time in Cuba - which has looming problems if Hugo Chavez of Venezuela dies as he is the main benefactor, means that I cannot access the internet and only receive the news of the world (strange phrase that!) as the Castros see it.I did not know that my Province of Alberta was having an election until I returned from Cuba. However Albertans again elected a Progressive Conservative government which means that that party will have been in power for 45 years by the time of the next election. We have the highest employment rate in Canada, the lowest personal taxes and no sales tax - the only province without one. Also it is illgal for the Government to go into debt. I shall be around until mid-July then return "HOME" to Cuba