Tuesday, December 11, 2012

Eurozone Crisis: Why Greece Matters by Kevin E. Dayhoff


Why Greece Matters by Kevin E. Dayhoff December 5, 2012 TheTentacle.com http://tinyurl.com/dxxwya5


As the global financial recession enters its sixth year, and the so-called apocalyptic ‘fiscal cliff’ looms large in the U.S., the repeating Greek chorus in this global economic opera played-out an all-too familiar refrain last Friday when the German Bundestag approved more bailout funds for Greece.

Yes, Greece – that tiny country of approximately 11 million people in the eastern portion of the Mediterranean between Italy and Turkey, with barely two-percent of the entire Gross Domestic Product of Europe, and capably competes with Argentina and the U.S. to command over 100 percent of everyone’s global, chronic, economic migraine headache.

Remember, it was not long after the Great Recession officially got underway in December 2007, when rumblings started to be heard that Greece was technically bankrupt.

“Greece kicked off the crisis in 2009 by admitting its budget deficit would be 12.9% of GDP, more than four times the EU's 3% limit,” according to an article written for About.com by Kimberly Amado.

Over the many years since Greece was first admitted into the European Union in 1981, and especially since 2001 when it joined the eurozone; the storied land of mythology, ancient civilization, and the birthplace of the Olympics, has lived huge, way beyond its means and lurched toward defaulting on its loans and economic chaos for over four years.

Say it ain’t so. Greece is the stuff of ancient lore, the beginnings of democracy and western philosophy with a documented history that dates back to the 3rd century BC, with a modern, high standard of living that The Economist ranked as high as 22nd in the world as recently as 2005… http://www.thetentacle.com/ShowArticle.cfm?mydocid=5502

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Kevin Dayhoff is an artist - and a columnist for:

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