Sunday, July 12, 2015

Prodigal delinquency of Greece

Greece is forcing Europe to test the untravelled path by openly violating the unwritten principles behind the Euro currency. Fiscal discipline is the foundation of a common currency. Flagrant aversion to austerity is an open invitation to economic armageddon. Why should the disciplined resourceful continue to subsidise the deliberately reckless?

Greece has tried to enjoy the best of both worlds: a common currency and an uncommon liberal pension system. The Greek approach encourages abstinence from hard work and indulgence in indolence. Even an individual cannot carry on with this culture for a long time. When a whole country espouses this harmful  ethic, its lurch down the precipice is certain.

The German Chancellor, Angela Merkel said it right: "We have lost a valuable currency namely 'trust'".

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