Greece is Dying
Saturday, April 24, 2010
I am a little hesitant to talk about this but the President of Greece Papadou just announced that their country needs serious loans from the IMF to get back into the market. They will be sourcing these funds from Germany but their Chancellor is quite on a setback because she has not seen any strong plan how to get back in its original state. Right now they are showing no signs of recovery and their government is not that optimistic too. Riots of all forms happened in their capital and even the President got onto a remote island to announce them giving up on the government's ability to continue operations.
The problem is, there is quite a huge amount of history in that location that I wouldn't be able to see. Why did they join the EU in the first place?! Their currency did not handle it well obviously. Now comes the rescue plan that never even convinced the one who will loan them the money. I wonder if they would be able to look at themselves a few years from now. Even the labor force are protesting because pretty sure IMF will tell its corporations to cut down on wages. When will this happen?! That is the question that the current regime will have to answer to.