Greek Debt Crisis—Are Bailouts the Only Answer?

08 May

This morning I heard the story “Greek Voters Deal Main Parties Series Blow” by Sylvia Poggioli (I love her name!) on Morning Edition.  As I listened, I couldn’t help but wonder if all these bailouts and “austerity measures” will solve the real problem in the end?

Oh, what’s the real problem you ask?  Um, well it just seems like tours of ruins and cruises are not paying the bills, so doesn’t Greece need some industries that produce something (I really don’t care what as long as it isn’t drugs) and can employ folks?

It sounds like the European Union is throwing good money after bad because if Greece doesn’t have profitable industries, how are they honestly going to ever get on track?

If Germany and France really want to help Greece (oh, no one has forgotten you: Spain, Portugal, and Italy!), why don’t they possible take advantage of a desperate, educated workforce and build factories or business offices in Greece (and their fellow pauper countries).

They can pay slightly lower wages in these countries, but the advantage is that the folks are working and paying taxes to help pay down Greece’s debt.  Also, with more money to spend Greek citizens might invest in new companies providing services and products both domestically and internationally.

Anyways, wouldn’t it be better to get a benefit out of helping turn around the economic fortunes of Greece?  Or, maybe that’s the money-grubber in me….sigh…

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Posted by on May 8, 2012 in Uncategorized


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