Wednesday, May 05, 2010

News: How do you say "Who is John Galt" in Greek?

Greek's fiscal crisis has been brewing for months now, and the austerity measures the Greek government is implementing (including cuts in public sector compensation and hikes in consumer taxes) have predictably been unpopular. Some of the protests ended in violence; rioters killed three bank employees by setting their building on fire with Molotov cocktails:

(A note for all those media types who go into hysterics about those racist, "hatriot" Tea-baggers - the riots in Greece show you what a truly violent minority looks like.)

I can't muster much sympathy for these protesters. These loans aren't some Treaty of Versailles-like humiliation or IMF plot - they're literally a bailout of the Greek government, which shackled itself to the euro and is now seeing the downside of not being able to control its monetary policy. The corruption and inefficiency in the country is so severe that even if Greece defaulted on all its debt payments right now, they're still not bringing in enough revenue to pay for all the government goodies that need to be doled out.


At 9:28 AM, Blogger Borepatch said...

Not sure that anyone there wants to go Galt. It looks like they want Germany to bail them out each month, forever.

It looks like Germany has gone Galt.


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