I really do not get it guys. Lets face the facts:
- Greek politicians were cheating and faking the data when they joined the Euro.
- Greek economy is not fit for purpose. There are too many benefits, too many state employees with too high salaries, too high pensions which can even be transferred from a dead husband to his wife etc…
- Greek received a help package of 110 billion-euro back in May 2010 and no significant reforms were made
- Greek will apparently receive another package this year
So the rest of the Europe is giving the money to Greece to cover their debt. But this loan cannot be given over and over again. Greece (as anybody else) cannot spend the money it does not have. For that reason Europe will lend you the money in order to fix your ever-increasing debt.
So how Greece debt can be fixed?
By structural changes in the economy, by cutting public sector spending, by cutting state employees. Yes it is painful, but there is no other option. Not just Greece is in stake here – if Greece won’t be able to pay for their debts and will default, banks which lended the money will default as well which will start the domino effect and whole World can slump into double-dip recession – and this my dear Greek protesters – will affect you even more than proposed austerity measures.
So I still do not get it – What are you protesting for, Greeks?