Take a look the agony of Greece in a series of economic charts from the Economist. It’s a compelling illustration. Check it out!
via Daily chart: The agony of Greece | The Economist.
The last chart highlighting births, net migration and deaths is the most sobering.
By any standard, Greece has been taking her austerity medicine. Yet now, unless a last minute deal can be reached with Germany and other creditor countries, Greece is destined to be forced from the Euro and possibly the EU. For sure a Grexit will bring a further deep deterioration for Greece before things start to improve.
For me, Grexit is inevitable and frankly necessary so that Greeks wake up and realize that no-one owes them a living and that they have run out of time.
Greece, as Dr Alf knows, was allowed into the Euro on the basis of an entirely bogus financial case created by Goldman Sachs.
It consistently fails to stick to its agreements and would in anyone’s book be an unsustainable financial risk as a recalcitrant debtor nation with no desire to pay its way.
In my view, giving them more time to pay or more money is an exercise in futility and the current round of “negotiations” with the duplicitous Greek Finance Minister should end forthwith.
Thanks for sharing this opinion.
Whilst I understand your argument, I do not think that it is black and white. I believe that the creditors have imposed unacceptably harsh terms on Greece. Whilst I agree with Germany that structural reform is necessary in Greece, I believe that the timetable could be adjusted.
I hope that a last minute deal is found but fear that Greece may have pushed too far. Personally, I see serious contagion following a Grexit.