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But no problem has yet been solved, and more problems likely loom - not just in Europe, but in the U.S. and Asia as well. We'd like to be more upbeat, but the fact is Greece will have to undergo pretty tough financial treatment to get a clean bill of health.
Its citizens, who are among the most coddled in the Western world, will see their retirement age jump to 67 from the current 53. At the same time, government workers' pay will be frozen for three years, and they'll no longer collect annual bonuses worth two months' pay.
If this is true, un-retire those people and put them back to work!
I agree. Greece is just the tip of the iceberg. There are so many places living beyond their means here in the western world.
There is no real way to pay for the silly lifestyles enjoyed by especially Governmental workers like police, teachers, nurses, council workers, firemen, bin men, etc when the real economy that sells abroad to create their wealth has been devastated by competition from Asia and is handcuffed by the madness of the minimum wage.
There are many more places like Greece out there, the whole western world reminds me of the old USSR in the days before its collapse.
believe I found out the real reason for the big market sell off on Tuesday. The Greece bailout package is doomed and will fail.