Greece

[vantexan]

they cant pay off the debt.

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Yanis Varoufakis: Greece’s Debt Is More Unsustainable Than Ever

Ahead of Greece’s general election on Sunday, the business press claims that the country is bouncing back from its years of austerity. Yanis Varoufakis tells Jacobin why, for ordinary Greeks, the situation is only getting worse.

jacobin.com

But that's the point. They went way overboard in their spending, taking on debt to pay for it with ultimately no way out. At the same time people like you insist that the U.S. government spend, spend, spend, then spend some more. Greece is a prime example of what happens when you overspend without the means to pay it back. Sooner or later it implodes and the standard of living goes way down. In the scheme of things Greece is a small boat and the U.S. is the biggest ship. But even the biggest ship can sink if it takes on too much water. We are getting dangerously close to that right now. Donald Trump can do some good things policy wise but he alone can't fix it. And it definitely won't get fixed by ever increasing deficits. What we should be worried about is the likelihood of a Great Depression type event and very possibly WWIII because tensions are very high and aren't likely to improve with a financial meltdown. It's about time to face reality.

 

[rickyb]

But that's the point. They went way overboard in their spending, taking on debt to pay for it with ultimately no way out. At the same time people like you insist that the U.S. government spend, spend, spend, then spend some more. Greece is a prime example of what happens when you overspend without the means to pay it back. Sooner or later it implodes and the standard of living goes way down. In the scheme of things Greece is a small boat and the U.S. is the biggest ship. But even the biggest ship can sink if it takes on too much water. We are getting dangerously close to that right now. Donald Trump can do some good things policy wise but he alone can't fix it. And it definitely won't get fixed by ever increasing deficits. What we should be worried about is the likelihood of a Great Depression type event and very possibly WWIII because tensions are very high and aren't likely to improve with a financial meltdown. It's about time to face reality.

the problem with greece is they were prescribed the wrong solution to lower the debt. to lower the debt you dont do austerity, you need to stimulate investment. greece has done austerity and its led to even greater bankruptcy. i agree we are headed for a great depression and maybe wwIII but really it comes down to us not being participants as citizens and instead spectators. more specifically its partly because the banks are bigger than ever. in addition, when south korea and sweden banks went bankrupt in the last 30 years, the government bailed out the banks but got rid of the executives. we did not.

 

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