Thursday, June 18, 2015
This picture shows the pain of Greece falling apart By Matt O'Brien June 17, 2015
This picture shows the pain of Greece falling apart By Matt O'Brien June 17, 2015 http://www.washingtonpost.com/blogs/wonkblog/wp/2015/06/17/this-picture-shows-the-pain-of-greece-falling-apart/?tid=pm_business_pop_b
This picture is worth approximately 317 billion words in Greek. That's how many euros its government owes, and how many euros it's going to start defaulting on if it doesn't agree on a new bailout in the next few days.
After all, you don't have to be an expert in game theory, like Greece's finance minister Yanis Varoufakis is, to know it's not good if he's crouching with his head in his hands right before midnight strikes on his country's solvency. But I think we can sympathize with how he feels. We do too. The years change, but the Greek crisis doesn't. It owes more than it can pay, so it needs Europe to give it the money to pay, well, Europe back. The problem, though, is Europe doesn't want to just hand over the money in such circular fashion without getting something else—pension and spending cuts—in return, and Greece doesn't want so many painful strings attached after it's already cut a lot and only seen its economy shrink by 25 percent.
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