Wednesday, July 10, 2013

'A Toxic System': Why Austerity Still Isn't Working in Greece

By Anne Seith
Despite drastic austerity measures, a new Greek debt haircut looks unavoidable. The old system has proven resistant to reform and billions in emergency aid hasn't been enough to turn things around…..However, Stavridis also had to confess to the troika that his agency is unlikely to meet its goals for this year. The planned sale of the national gas company to the Russian Gazprom conglomerate fell apart at the last minute, and now a €652 million ($839 million) deal for the privatization of gambling company OPAP is also on the rocks, because the buyer feels that he is being cheated. …..Yet Another Debt Haircut?......The subject is politically sensitive, especially in Germany…….a large share of German assistance loans would be irretrievably lost.
When….observers first arrived in the country in 2010, they were surprised at just how overregulated the economy was, at how inefficient the entire government and judicial apparatus had become. Not even the estimated government deficit for 2009 was correct. When it was recalculated, 6 percent turned into 12.7 percent and eventually even went up to 15.6 percent….To Read More….
My Take – As you read this article try and think…..does this sound familiar?  Over regulation; massive debt; large incompetent bureaucracy; sweetheart deals for major corporations and incompetent leadership.  The results are always the same when socialists come to power; stunning incompetence, massive corruption and eventual bankruptcy!  Is anyone out there paying attention?  Has anyone out there read a history book this week?  This month?  This year?  How about ….ever….?  It’s all there, all one has to do is read about it.  Socialism is a failure today; it was a failure yesterday and will always be a failure.  Dystopia follow socialism like the plague follows rats.

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