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|Subject: Re: Greece the NEVER ENDING Money Pit||Date: 11/13/2012 6:54 PM|
|Author: PolymerMom||Number: 408403 of 510781|
After two and half years’ Greece remains a problem and it is hard to see the Eurozone remaining patient with Greece when its problems seem never-ending.
Well, of course it's a never ending problem. Greece has been in a depression for over a year, exacerbated by yet more austerity. It's a downward spiral.
The cuts the government makes results in people being laid off. Since the newly unemployed don't have any income, the tax receipts go down. I believe I saw an unemployment statistic for the 18-29 year olds experiencing a 53% unemployment rate. No tax revenue there, either. The rich, who have Swiss bank accounts, aren't paying taxes, either.
I have no idea why the "troika" expects it to work by calling for more austerity, one more time. It's worked so well every time they tried it...
It'd be really nice if they tried another approach. About anything has a better chance than more austerity.
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