The EU is stupid for agreeing to this bailout. It will simply encourage other PIGS to not clean up their own mess.
And THIS is the exact direction “O” and Co. would like to take America.
H E L L O ????????
DEAR morons, lets not be rude now. heh.
Back in the Good Old Days, northern Europe worked hard after WW2 and had money. Its population came up with the brilliant idea of going south every summer to Greece, Italy, Portugal and Spain (and France if you really had to). The reasoning was that these countries were poor, and consequently very cheap - and they had very good summer weather. Voila! -the perfect summer holiday (vacation for the Yanks).
Seeing all the wealth, those southern countries naturally said "I want some of that wealth." They raised their prices - a lot - and become Welfare States with very high standards of living. They did little else. Untenable position! It is now coming home to roost.
Greece is now messing up what little economic prospects it has in terms of tourism.
That said, this once again proves that not only is Socialism stupid, unworkable and immoral, it is actually dangerous. Because once the money runs out -- and the money always runs out -- either the welfarists riot as is happening in Greece and the government puts them down brutally, thus furthering the country along toward tyranny or the government preemptively starts killing millions to (1) preclude civil unrest and (2) reduce the number of mouths to feed.
What is the outcome here on the ground? Will this unrest "need" to be put down? If so, which government will do the dirty work?
Once again Socialist Utopia devolves into the worst kind of brutality. Not only do people lose their wealth in Socialism, the dynamics invariably lead to people losing their lives. I hope that is forestalled in Europe, but history has a way of repeating itself.
I read last week that the German public just found out in a big way that, while their retirement age is something like 65, the Greeks retire at 55. So the Germans are being asked to work a decade or so longer and also being asked to bail out Greeks who are RETIRED and living the life of ease.
That's gotta hurt.
But, you know what? The good ole U.S.A. is on the same road to Serfdom.