Riots in a Club Med Country
Greece’s debt problem wasn’t caused by credit default swaps on Wall Street. Greece’s debt problems, are all of its own making, caused by borrowing more than it could repay.
When Greece joined the EU, it was understood that they would keep their budget deficit within 3% of GDP. That was the requirement for all the countries entering the EU.
Well, Greece sort of lied misled the EU community – their debt was actually 13% of GDP. In order to get a loan from the other countries, Greece was told to cut it’s expenses. When Greece’s PM, George Papandreou, announced spending cuts that included pay cuts for civil servants and tax increases, (sales tax is already 23%) the employees and their unions went crazy.
You have to remember that the unions are controlled by the Greek communist party. Communists do business with anyone – anarchists, students, socialists, etc., so the riots that are taking place in Athens are being fueled by all the groups that want something for nothing. Greece’s problems are nobody’s fault but it’s own…
A great excuse to enjoy Led Zeppelin performing Nobody’s Fault But Mine