Peter's Viewpoint

My blog spot, my mind, your time, and hope for the better

Salvation of modern and ancient Greeks

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The salvation of the Greek economy has just been declared by the EU and along with it the demands.

The question is whether those demands will only force Greece into a monetary penalty or will they include therapeutic additives to cure the main problem, the failure of a system that developed a corrupt lifestyle that became legacy tarnishing Greece.

It is hard to understand the thinking that foreigners living in Greece have when it comes to the bankruptcy of this nation, but some believe that the collapse of this country may actually benefit the country by demolishing a system of government that has been a disease while unfortunately punishing the good citizens.

The main problem of Greece derives from older governments using promises to gain votes and assuring the voters that they would receive their return for their investment of a vote through a guaranteed job with the government.  This incited corruption from the power vested by a feudal hiring system overflowing to commercial favoritism that refutes attempts for transparency because of the never ending circle that is encompassed by it.

If the EU fails to perform the necessary and proper auditing of Greece both monetarily and morally, then the outcome will be another fubar similar to that of the Greek people paying tax money to support the employees of the now defunct Olympic Airlines.

Unemployment in Greece was at an amazing 9.3% in the 3rd quarter of 2009.  I say amazing because like other statistics that were recently documented by ESYE the statistical department of finance in Greece were proven to be a menagerie of management failures especially when one considers that unemployment is increasing in a country of approximately 11m people.

I believe that the methods used to calculate Greek unemployment do not account for:

  • small businesses that have closed due to the state of the economy do not receive unemployment
  • those who have been unemployed for longer periods because they have simply abandoned searching for work in Greece
  • and also because they have abandoned the assistance from the government unemployment services known as OAED due to the fact that unemployment payments are discontinued after a period of time.

The latest trends show that the Euro has lost roughly 9% of its value since December of 2009 and if the trend continues because of the other countries in the line of fire, then the devaluation of the Euro will be the last concern of Brussels.  Theoretical talks by those who feel that countries not pulling their weight should be pruned will prove to be the disintegration of the European Union.

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