Quote:
Originally Posted by Bladewire
Good question.
I was under the impression it was mainly their benefits payout issues. With 25 percent unemployment, and all those people being paid unemployments, and 18% of its economy paying out pensions alone.
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Those people getting the benefits were spending some of the money on goods Greece doesn't produce. What the Government was buying is another question.
Whatever, the wise EU Bureaucrats created a currency and then to get it adopted by the EU States they allowed individual countries to borrow with no real limits.
DebtClocks.eu - Debt clocks of the EU Member States - comparison
The problem today is Western Countries need to borrow money to keep paying the benefits out of work or low paid workers need to survive. While adding to the need to borrow by increasing populations.
Even if Greece did have high benefits, if the Greeks were spending their money on Greek goods, it would have been creating employment. Once you factor in they were buying foreign goods, the money disappears. And the only way to keep people from starting a revolution is to borrow more money.
