The Greek Contagion?
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May 10, 2010
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Why distill something so vast and nuanced into talking points?Cutting spending isn't going to magically heal greece. Yeah, they have to do it... but they are still screwed either way because the core of the situation has less to do with spending and more to do with the Euro (not to absolve greece of it's irresponsibility, i'm just saying their situation is way worse than "people wanting free stuff")
Ireland's debt situation is way worse that greece's but why did greece fall first? Spain's finances were great in 2007 now they are on the chopping block, why is that? Unless you know the ins and outs of questions like that then try to avoid making grand conclusions about what america needs to do. Figure out what makes these (portugal, spain, italy, ireland, greece) countries special cases while countries like france and germany get off scot free and we can go from there.
i particularly like this blog post:
http://yglesias.thinkprogress.org/archives/2010/04/today-in-greece-wonkery.php
"...look at Spain, which pre-crisis was running a surplus with a low debt-GDP ratio...despite having done everything that’s now being urged on Greece, Spain is totally screwed. People like to see pat morality tales in macroeconomic events, so that today’s problem countries are being punished for past irresponsibility. But there’s honestly little reason to see that as a major part of the story. Worse than a crime, we’re looking at a mistake. A mistake for which a very large number of people around the world may wind up paying the price. "
Posted by: derek | May 10, 2010 at 04:43 PM
Ryan 2012.
Posted by: Maddie - Saukville | May 10, 2010 at 07:33 PM
I want my free stuff!
Posted by: Cindy in West Bend | May 10, 2010 at 08:00 PM
derek=JR Know Nothing. You demonstrate a know how to waste words... sure you aren't a politician.
Greece is your future dumba$$.
Posted by: Joyce | May 11, 2010 at 07:38 AM
And let me guess, the countries bailing out greece are just unscathed by accident? Apparently Germany and other places gave up their welfare state when i wasn't looking.
You guys don't know the problem, so why comment on it.
Posted by: derek | May 11, 2010 at 11:46 AM
Free gyros and feta for life? Thanks Greece.
Posted by: Happenstance | May 11, 2010 at 02:09 PM