It is very sad that the E U clearly want to teach Greece a lesson. Sadder still that the calls for austerity appear to be led by Germany. A couple of generations have gone by since the post W W I I days when the Americans suggested it might be in everyone's interest if Greece forgave Germany their huge debts, so as to allow Germany to move forward, and to develop it's economy.
This was quite farsighted as it recognized that an economy that is severely depressed will lead to political instability, such as lead to the rise of Nazi Germany.
Given Greece is the founder of democracy, it appears unlikely that it could form an unfortunate holy alliance with those we would prefer it not to, but the fact remains that it could happen. It is far more likely as Europe plays a game of chicken with Greece. The open source Media paints a picture of rich lazy Greeks. Nothing could be further from the truth. The ordinary people are suffering after years of Austerity, and to have more than 50% of their young unemployed is very telling. The fact that the Greek economy has contracted by 25% says it all.
when the economy is so bad, and the young have time and energy to burn with no useful purpose the out look is bleak. Just where do the Germans feel they have the right to totally destroy the Greek economy?
This is incredibly short sighted, perhaps Greece Will be better off out of the common currency. This would leave them like Turkey, poor but in charge of their own destiny.
The greatest irony is that ultimately Europe will be the loser.
and possibly All of us if this spirals into a depression.
Germany would not be the economic powerhouse it currently is if it's debt had not been forgiven all those years ago.
From a security perspective, would it be wise to make an enemy of a country so strategically placed?
It seems incredible to me that Europe is so shortsighted.
