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The right lessons from Greece
 [DAWN] THE implosion of the Greek economy, the rise of Syriza and the implicit blaming of Greece's creditors for the country's woes present important lessons that should be drawn upon. The danger is that many people, including in Pakistain, are preparing to draw the wrong set of lessons.Greece got itself into a mess by not taxing sufficiently its richest elites, and by overspending on a bloated, overpaid and underworked public sector. Poor choices by politicians for decades, fully supported by a complicit populace that was only too happy to condone the perpetual postponement of serious structural reform, have finally caught up. Despite the massive and heartrending current suffering of ordinary Greeks, the foregoing is the sorry story of the saga which is unfolding in southern Europe. (In the villains' roll call, one cannot not include the ever-willing 'banksters' who continued to bankroll Greece's free-spending. But Greece created the conditions for borrowing, not the other way around.) Posted by: Fred 2015-07-10 |
| http://www.rantburg.com/poparticle.php?ID=422871 |