Monday, 13 September 2010

Nice article on the Greek problem

Michael Lewis, writing in Vanity Fair has encapsulated the basic problem with Greece.
$1.2 trillion debt... systematically looting their own treasury... tsunami of cheap credit... government owed another $800 billion or more in pensions... national railroad has annual revenues of 100 million euros against an annual wage bill of 400 million, plus 300 million euros in other expenses... retirement age for Greek jobs classified as “arduous” is as early as 55 for men and 50 for women... arduous: hairdressers, radio announcers, waiters, musicians, and on and on and on... first thing a government does in an election year is to pull the tax collectors off the streets... an estimated two-thirds of Greek doctors reported incomes under 12,000 euros a year...

It's well worth reading the article in full.

http://www.vanityfair.com/business/features/2010/10/greeks-bearing-bonds-201010

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